When it comes to a purchase decision such as buying a house, not only the financial stakes of a person are high but her/his and their close family members’ emotional and sentimental stakes are high too. Besides, there are stress, anxiety and apprehensions that builds up in relation to the project they choose to buy their home in, on parameters like title of the project, its infrastructure, pricing, appreciation, demand and other factors. The concerns on these parameters are at an all-time high when someone decides to buy her/his house during the phase I construction of a project. Because, that is when title of the project is still going through the process of scrutiny by banks, other financial institutions, govt. bodies etc. Similarly, other related documents too. Again, how far the pricing of the apartment in that particular locality is correct or genuine in relation to the market scenario, whether the project will be completed on time as promised are concerns which beyond a point, do not have a fall-back comparison evidence.
This is where booking a house in an apartment complex in its Phase II offers a host of customer-centric advantages viz-a-viz Phase I and acts as a genuine reassurance to the buyer of her/his decision to go with a particular project of a particular builder in a specific location. Let’s see how these advantages pans out as benefits to the buyer:
A) Since it is Phase II and not Phase I, it is given and guaranteed that title to the project had already been tested by the market, buyers of phase 1, banks and financial institutions.
B) Similarly, the buyer can be 100% sure that all the statutory approvals / compliances will be in place of a project where she/he is buying their house in its Phase II as these formalities, approvals etc. would have got over long back.
C) Since Phase I is completed and families are living there already, the financial strength of the builder, quality of the specs in the construction and timely completion has all been proven and it is there for the Phase II buyers to see for themselves and believe in it.
D) Since Phase I occupants are already living there, the Phase II buyers can see that all the mandatory infrastructure like sewage set up, drinking water, power back up and amenities promised are all in place and are fully functional. Thus, the Phase II buyers can move-in and start using these straightaway and need not wait without knowing when these will be completed unlike the Phase I buyers.
E) The feedback from the existing occupants of Phase I will also serve as a valid justification for the Phase II buyer w.r.t. the builder in relation to all the above mentioned points and will help only validate their decision better.
F) Last, but not least, the fact that Phase I of a project was already completed quite a while back and are fully occupied and Phase II construction too are going steadily, is a testimony to the fact that the pricing in that locality for the house in that apartment from that specific builder is justified as it has only appreciated and demand too has gone up for it, given the difference in the rate per sq.ft. offered during the launch of Phase I and then what is offered during Phase II.
Thus, it is only safe to say that, it is “Advantage Phase II Property Buyer” viz-a-viz a Phase I buyer!!
Here is a graphic that sums up the entire post.