The launch is an important term in the real estate industry. The word is much scattered in the sector. The launch date is into two components, namely
Pre-launch is the first phase where the builder announces the project to others. At this stage, the project would be pending approvals and designs. Many investors use this opportunity as there would be some special offers at this Pre-launch stage.
During this phase, the investor will not see the actual completed property. It's just the proposed layout and plans in place. We need to be choosing the best and most feasible location for us. Ensure the property is close to ours and our loved ones' work or educational places. We could reduce the travel time by doing this. Ensure we get essentials in the locality so that we do not have to step out of the region for any requirements. If we travel for essential purposes, the location must be comfortable enough to commute from and to other places.
Pre-launch is not the project's official launch, and it generally happens through email or word of mouth. It is done to spike the sales number and is parallelly helping investors to save their funds. The pricing of the property at this stage would be considerably less with great offers.
It is the second phase of the project where the processes are underway. Soft launch projects are comparatively less risky as documentation, planning, and approvals are already in operation. These are legally recognized projects where we could expect a 10-15% discount compared to the market price.
Though the soft launch projects are safer, buying a project is always safe once the RERA number is received.
Let's crackdown on a few legal aspects relevant to Pre-launch and soft launch properties.
The developer would not be providing approved bills framed by the regulatory bodies. The builder can define their norms and start selling the property.
Obtaining proper legal opinion would safeguard our investments. We should be thoroughly understanding the approval process to eliminate any risk. We need to ensure that all the prerequisites and necessary permissions are in a document format. A sale agreement would be a tremendous supporting document in any dispute in the worst case.
Property buying is a considerable responsibility, and it has to be with utmost care. In general, buying the right reputed developer is the first step for any profitable returns. These renowned builders would offer an exemplary track record of delivery and quality. One has to choose the project based on the location, surrounding potential and connectivity.
Mahindra Eden prelaunch apartment at Kanakapura Road, South Bangalore.
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