The real estate market is booming in current times and there are numerous real estate development projects that are currently underway. There is a wide array of investment opportunities available today, varying between small scale apartments to villas in gated communities. Home buyers today are spoilt for choice between prelaunch and ongoing projects with real estate development companies advertising both equally.
Prelaunch projects are announced by the builder prior to obtaining the necessary regulatory approvals. This is a plan that is being sold by the builder with nothing tangible. There is a great degree of risk associated with prelaunch projects as the approvals have not been obtained yet. The builder of the project usually mentions a clause of change in development plan depending on the approvals obtained in the agreement.
There is a high risk associated with investing in a prelaunch project as the plans are subject to change. However, even considering this risk, there is a great advantage in investing in a prelaunch property. Prelaunch properties usually come at lower rates and numerous early bird discounts and other offers. This means that you can avail of property at lower rates than if the project was launched.
Ongoing projects, on the other hand, are real estate development projects that have already obtained all the necessary approvals. These projects usually come with a lower risk associated with them as all the necessary legal approvals have been obtained and are in place. These projects are under construction and are tangible entities, which can be physically viewed by the prospective home buyers.
The physical construction of the project has already begun and the project will usually have a model apartment for viewing by investors. The buyer can have an idea of what the completed apartment and the finished development will look like. These projects usually cost more than a prelaunch project.
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