Why invest in Off-Plan Properties in Jaipur?
Here are 4 reasons to invest in off-plan properties in Jaipur. The real estate market is one of the main reasons that have helped Jaipur, also known as the pink city, to paint a success story. The market has a lot of potential for smart investors. Effective policies that support the real estate sector in the emirate are also helping the cause. Investors around the world now prefer Jaipur when it comes to investing for good returns. For example, you will find many foreigners who own independent houses and have put their flats to buy in Jaipur. The purpose is to have a continuous stream of income generation.
Off-Plan Properties
Among the investment opportunities in this sector, it is the main market, that is, experts in off-plan properties believe that it is the best option. Take a look at four reasons behind this claim:
Reasons to invest in Off-Plan Properties
Plenty of Choices
For starters, there are a number of options available in Jaipur for those looking for investment opportunities in the primary market. World-renowned top-of-the-line developers are showcasing the latest projects in every part of the city. This has led to important communities like Jaipur Marina having abundant projects where that opportunity can be found. For example, Somya Sky Crest by Somya Buildcon presents an ideal perspective. It is the latest housing development in the neighborhood on its way to becoming one of the best residential projects in the coming years. Get some grate ready to shift 2 or 3 BHK flats in Jagatpura Jaipur.
Similarly, other neighborhoods in the emirate have many projects underway, presenting a number of opportunities for investors to choose and put their money to good use.
Less Capital Required
One of the main factors that favor off-plan properties is that they do not require a large sum of capital compared to listed properties. As these properties are still in the development phase, developers are offering them at rates considerably lower than market value.
The downside here is that it can take years to complete the project. Furthermore, there may also be unavoidable delays. For example, construction work on many projects was stopped due to COVID-19 which led to projects being delayed. That said, the policies in Jaipur are pretty strict in this regard. Even if the developer cancels the project for whatever reason, you won’t lose money. As long as you have deposited the amount in the project escrow account.
When a project is canceled and buyers/investors have proven their cancellation, they can get their money back through the escrow account.
A Convenient Payment Plan
Another feature that makes off-plan properties a better option is the convenient payment plan that they come with. Investors only have to make an advance to reserve the unit. The buyer has to pay the rest of the amount gradually in the form of installments.
It is important to note that payment plans are also available for listed properties. Conversely, they are not as suitable as off-plan properties. Some real estate builders also offer these properties on 10-90 payment plans. This implies that the buyer has to pay only 10% of the price of the property in advance. The rest is managed through monthly installments.
High Profitability
The main reason many investors opt for off-plan properties is that it provides them with the opportunity to earn a high return on investments. You can buy a unit in a prominent project with high-profit prospects quite conveniently by making an investment outside the plan. For example, flats, homes, or apartments are in high demand in the emirate. However, due to their high fees, not many are able to afford them. But you can buy them from a development project at comparatively low rates and get high returns when they are fully developed.
Other than that, not many know about the fact that these properties can be sold even before they are completed. If the project is located in a prime location, the offers start coming in earlier. Investors can avail of these offers and get a high ROI on their investments. However, keep in mind that developers may have restrictions related to the duration after which the buyer can sell the property. Therefore, it is best to obtain all these details before making the investment.
Ways to Make Off-Plan Investments Risk Free
Now that you know why off-plan properties are preferred for investment purposes, let’s take a look at some of the ways you can minimize the element of risk with such properties:
Always buy an off-plan property on a project managed by a reputable developer. In this way, you will remain protected against many problems. For example, there will be no delay issues as top developers are very particular about their reputations. Furthermore, the quality of the project will also be top-notch.
Rather than relying on intermediaries, it is recommended that you buy directly from the developer. Of course, you can hire an agent or property expert to learn about the project and its prospects. But when buying the property, contact the developer. This will save you from incurring additional fees and charges.
Pay close attention to the location of the project when selecting it. A development located in an isolated area, far from the city, will not generate profits in a short period of time. Therefore, make sure that it is easily accessible, that it has many developments around it, and that residents can enjoy all the facilities without any difficulty.
Final Thoughts
In general, an investment in an off-plan market is undoubtedly the best option. However, if you are new to the market, it is best to enlist the services of an expert real estate advisor. Make sure they are trained and experienced enough to guide you through the entire process. What’s more; they should be able to help you make an informed decision when it comes to selecting a property for your investment. As mentioned above, the market has many opportunities in the form of new residential projects. It can be hard to select the best of the bundle. An experienced real estate agent can help you in this regard. Also, Check out these 2 BHK flats in Jagatpura Jaipur.
Also Read: How to Hire an Independent Home Appraiser and When you Would Want To
