Benefits of near possession homes

Sep 19, 2023

Choosing near possession residential apartments offers several advantages to homebuyers. These benefits make the decision to invest in such properties appealing. Purvanchal Royal City, located in Greater Noida, near Pari Chowk, is one such residential apartment that is nearing completion. Owners of apartments in this luxury residential society are expected to be given possession to their property in December 2023, which is only a few months from now. So, if you choose to buy a home in Purvanchal Royal City, which is a near possession project, you will experience several benefits.

Near possession apartments are ready for occupancy or nearing completion. This means homebuyers can move in relatively quickly after finalizing the purchase, avoiding long waiting periods associated with under-construction properties. Unlike off-plan properties, which come with uncertainties related to construction delays and changes in project scope, near possession apartments have a reduced level of risk. Homebuyers can physically inspect the property and verify that it meets their expectations before buying.

For investors, near possession apartments offer the opportunity to start earning rental income sooner. They can find tenants and begin generating returns on their investment without significant delays. In many regions, homebuyers can avail tax benefits on home loans and property purchases. Choosing a near possession property allows them to start claiming these benefits earlier. If you are currently renting a property, moving into a near possession apartment means you can stop paying rent sooner. This can lead to significant savings over time.

Knowing that your property is nearly ready for possession can provide peace of mind. You don't have to worry about the uncertainties associated with lengthy construction periods. Depending on the stage of construction, there may still be opportunities to customize certain aspects of the apartment, such as paint colors or fixtures, to align it more closely with your preferences. Near possession properties typically have lower holding costs compared to under-construction properties. You don't have to bear the burden of paying both your existing rent and the property's EMI simultaneously for an extended period. Homebuyers can physically inspect the apartment to ensure that it meets their quality and design expectations. This is not always possible with off-plan properties.

While the property is nearing possession, its market value may continue to appreciate. This means that by the time you move in, your property could be worth more than what you paid for it. Near possession apartments often come with fully or partially developed amenities, such as parks, community centers, and landscaping. You can enjoy these facilities as soon as you move in. Banks and financial institutions typically process loans for near possession properties more quickly because they involve lower construction risk. This speeds up the financing process for homebuyers. Newly constructed or near possession apartments typically have lower maintenance costs because they require fewer immediate repairs or renovations.

Near possession residential apartments offer homebuyers several tangible benefits, including quick move-in, reduced risk, immediate rental income, tax benefits, and peace of mind. These advantages make them an attractive choice for those looking to invest in real estate or find a new place to call home without enduring the uncertainties and extended timelines often associated with under-construction properties.