Goa, a coastal state in western India, is known for its beautiful beaches, vibrant culture, and relaxed lifestyle. It's a popular tourist destination and also an attractive place to live for many people. With a growing real estate market and many new developments and mega projects in Goa underway, it only makes sense to invest in the state's property market.
In this blog, we will explore the advantages of buying a house in Goa during the launch phase of construction.
What is the Launch Phase?
Buying a house in Goa can be a smart investment, and purchasing during the launch phase of construction can provide several benefits. The launch phase of a new construction refers to the initial stage of a new development project, where the builder announces the project, and the pre-sale of units begins. During this phase, the developer aims to generate interest and attract buyers to purchase units in the new development.
The launch phase for new residential projects typically lasts for a few months, and it's a crucial time for buyers to get in on the ground floor of a new development. Developers often offer early bird incentives, such as discounted prices or customisation options, to entice buyers to purchase during the launch phase. Buyers who purchase a property during the launch phase can benefit from these incentives and save a significant amount of money compared to those who wait until the completion of the project. Additionally, buying during the launch phase provides buyers with a wider choice of units, customisation options, and potential for appreciation.
Competitive Prices
One of the main advantages of buying a house in Goa during the launch phase of construction is the competitive pricing. During this phase, developers offer pre-launch discounts and promotions to attract buyers. These discounts are usually significant and can be as much as 10-15% of the total cost of the property. The developer wants to sell as many units as possible during this phase, and by offering discounts, they can generate interest and attract buyers.
When a developer launches a new project, they have to finance the construction, which requires a lot of capital. By offering pre-sale discounts, the developer can raise money early and reduce their financing costs before phase ii. This, in turn, can lead to lower prices for buyers. As the development progresses, prices are likely to increase, making the launch phase the best time to buy a house in Goa.
Opportunity for Customisation
Another advantage of buying a house during the launch phase of construction is the opportunity for customisation. During this phase, developers often offer buyers the chance to customise their units or new row house projects in Goa according to their preferences. For example, buyers can choose the flooring, paint, fixtures, and fittings they want for their homes. This can be a great advantage for buyers who want to personalise their living spaces and create a unique home that reflects their style.
Customisation during the launch phase is usually offered at no extra cost or at a minimal charge, making it an attractive option for buyers. Once the construction is complete, customisation options may not be available, or the cost may be higher.
Early Bird Incentives for Buying a House in Goa During the Launch Phase
Developers often offer early bird incentives during the launch phase of a new development. These incentives can include discounts on the down payment, free parking spaces, and other perks. By offering these incentives, developers can attract early buyers and create a buzz around their new projects.
Buyers who take advantage of early bird incentives for pre launch projects in Goa can save a significant amount of money. For example, a developer may offer a 10% discount on the down payment, which can translate into a substantial amount for a high-value property. These incentives may not be available once the construction is complete, making the launch phase an excellent time to buy a house in Goa.
Potential for Appreciation
Buying a house during the launch phase of construction can also provide significant potential for appreciation. As the development progresses, prices are likely to increase. If the buyer sells their property after the completion of the development, they can benefit from the appreciation in value. The appreciation in value can be significant, especially if the property is located in a prime location.
Goa is a popular tourist destination, and the demand for housing such as under construction flats in North Goa is high. As the state's population continues to grow, the demand for housing is likely to increase, making real estate a valuable investment. Buying a house during the launch phase of construction can provide buyers with a foothold in the market and significant potential for appreciation.
Choice of Units
Buying a house during the launch phase of construction also provides buyers with a wider choice of units. During this phase, developers usually offer a range of unit types, sizes, and layouts, specifically when it comes to 2 to 3 BHK villas or flats. Buyers can choose from various options and select the one that best suits their needs and preferences. This is especially beneficial for buyers who have specific requirements, such as a particular floor, view, or layout.
As the development progresses and units are sold, the choice of available units may become limited. Buyers who wait until the completion of the project may have to settle for a unit that does not meet all their requirements or pay a higher price for their preferred unit.
Newer Technology and Design
Another advantage of buying a house during the launch phase of construction is the incorporation of newer technology and design features. Developers often use the latest technology and design features to create modern and comfortable living spaces. This can include features such as energy-efficient appliances, smart home automation, and sustainable building materials.
Buyers who purchase during the launch phase can benefit from these modern amenities and features. They can enjoy a home that is equipped with the latest technology and design trends, making their living experience more comfortable and convenient.
Custom Fittings While Buying a House in Goa During the Launch Phase
In addition, they can request the incorporation of their own smart home fittings and have basics such as additional wiring or mountings fitted to accommodate the same. Other amenities such as custom bathroom or kitchen fittings, security systems, or UPS and inverter provisions can also be planned and executed during the initial construction phase to prevent having to make these adjustments after occupancy.
Diversified Investment Portfolios
Buying a house during the launch phase of construction can also help in diversifying your investment portfolio. Goa is a popular destination for leisure and commercial activity, with many people visiting the state throughout the year. As a result, there is a high demand for rental properties, especially during peak tourist season.
Even though property in North Goa is in high demand, new construction projects in South Goa are also gaining popularity due to the peace and quiet it offers those looking to settle down in the state post-retirement. Moreover, business owners and entrepreneurs are looking to start businesses in Goa and hence considering relocation will find that there are more affordable housing projects in Goa in the south.
Furthermore, investors who purchase a property during the launch phase can rent out their units during the peak tourist season and generate significant rental income. This can help offset the cost of the property and provide a source of passive income.
Conclusion
Buying a house in Goa during the launch phase of construction can be a smart investment decision. It provides buyers with several advantages, including competitive pricing, customisation opportunities, early bird incentives, the potential for appreciation, a wider choice of units, incorporation of newer technology and design features, and potential for future rental income.
However, it's important to conduct due diligence and research before making any investment decision. Buyers should consider factors such as the location, reputation of the developer, quality of construction, and legal requirements before purchasing a property. At Risara Properties, our highly specialised team of real estate professionals have over two decades of experience in the Goan property market. Feel free to reach out to us to get started on your forever home right here in Goa.
Overall, buying a house during the launch phase of construction can be a great opportunity for buyers to own a home in a desirable location and benefit from the potential for appreciation and rental income.