What are the Cons of buying an under construction property?

As we discussed earlier about the advantages of investing or buying an under construction property, in this post we will share some cons/disadvantages of investing in under construction properties.

So, if you plan to buy/invest in under construction property, keep the following pointers in mind before you finalize any property:

Risk of delayed possession: 

There is a high risk of the possession time being delayed in under construction properties. This can be due to the land disputes, incomplete legal permission from authorities, lack of funds available with the builder or even a ban from the government. Hence, a high risk of investing in under construction property prevails.

What you get might differ from what you saw initially: 

It is one of the major issues that investors and buyers come across in the under construction properties. You may not get the type of property that the builder showed you initially as a sample flat. Ensure you check the features/amenities/specifications that builder shows you initially, matches those in the flat you bought.

No Tax Benefit: 

When you buy a property under construction, you will be liable to pay the service tax which is not applicable to properties which are ready possession. The under construction properties do not have the completion certificate due to which you need to pay the service tax.

Hence, the choice will remain yours whether to go ahead with buying an under construction property or to opt for a ready possession home as both have their own pros and cons. Ensure you take a wise decision and do not regret it later.