A project is in the pre-launch stage when a builder announces it. The approvals have not yet been obtained. It is just the plan of the project that is being sold. The builder begins to advertise the project at this stage. The company still has to obtain the legal okay. The agreement between the buyer and seller can be changed.
Builders usually include a clause in the agreement that allows them to change the plans if needed. Changes may happen depending on the permissions that they receive. Pre-launch projects are in the conception phase. These are based on what the developer wants the finished project to be.
Buying a home in a pre-launch project is risky. There is a risk involved in spending your hard-earned money on a pre-launch project. The builder, at this stage, is selling the blueprint of the development. The legal approvals are still pending. These need to be obtained before starting construction on the project.
These projects have no legal standing. The money spent on buying a home in these projects cannot be refunded. Buyers should be careful about the project they are buying a home in. It is advisable to only invest in pre-launch projects by trusted builders.
The benefit of investing in such a project is that the prices are lower. Builders usually offer many discount schemes on these projects. The early-bird prices are much lower than at completion. A lot of first-time buyers choose these properties because they will save money. The prices of the homes can be up to 40% lower than the final price.
Buying a home at this phase gives buyers more options to choose from. The pre-launch offers are usually only for a set period of time. These can last for about 30 to 60 days. Prices increase immediately upon completion of construction. Buying at home at this stage also enables investors to make changes in their homes.
Once the legal approvals have been obtained, the builder begins construction of the project. The project is now at the ongoing stage. The plans for the project have been finalized. It is now coming to fruition.
The biggest difference between a pre-launch project and an ongoing project is that an ongoing project is being constructed. Buyers can see the build happening. They will have an idea of how the homes will be once they are complete.
The prices of ongoing projects are higher than those of homes at pre-launch. As these homes are being built, buyers will not have many choices in their homes at this stage. Most units have already been sold, so the choices available are limited. Not many changes can be made in the homes.
Ongoing projects do not have much risk involved as the homes are being developed. While buyers do not have many choices in these projects, they have the assurance that their homes are being developed. These projects are less risky to invest in.
It is attractive to buy a home in a project that is yet to be launched. Choosing a builder that is well-known is crucial. Study all the paperwork to make sure that everything is in order. The project must be completely above board. Companies like the Prestige Group, the Brigade Group, and Tata Housing are all builders that investors trust.
A benefit of investing in a pre-launch project is that you spend less but stand to make profits. The prices of homes go up as they come to completion. Investors can earn a good income. Another plus is that changes in the homes can be easily made in the pre-launch stage. These are not possible as the construction goes on.
Prestige Lavender Fields is a prelaunch apartment by Prestige Group.