The real estate market in Kerala, especially in cities like Thrissur and Guruvayur, is witnessing significant growth. With increasing demand for residential properties, homebuyers are often faced with a crucial decision: Should you invest in a ready-to-move-in flat or go for an under-construction property?
Both options come with their own set of benefits and challenges. This article will help you understand the pros and cons of each type of property and guide you in making an informed decision when choosing flats in Thrissur.
Understanding the Basics
What is a Ready-to-Move-In Flat?
A ready-to-move-in (RTMI) flat is a fully constructed property that is ready for immediate occupancy. Buyers can inspect the finished apartment and move in as soon as the formalities are completed.
What is an Under-Construction Flat?
As the name suggests, an under-construction flat is a property that is still in the development phase. The possession of such flats typically takes place months or even years after the booking date.
Pros of Ready-to-Move-In Flats
1. Immediate Possession
One of the biggest advantages of RTMI flats is that you can move in right after completing the paperwork and payment. This is ideal for people who need a home urgently or want to avoid paying rent.
2. What You See is What You Get
Buyers can physically inspect the flat, check the build quality, layout, and surroundings before making a purchase decision. There are no surprises.
3. No GST Charges
As per current laws, there is no Goods and Services Tax (GST) applicable on ready-to-move-in flats with a completion certificate, making them more cost-effective.
4. Rental Income Opportunity
If you're not planning to live in the flat immediately, you can rent it out and start earning rental income right away.
5. Lower Risk
The risk of project delays, which is common with under-construction properties, is completely avoided. You also don’t have to worry about construction quality or regulatory approvals.
Cons of Ready-to-Move-In Flats
1. Higher Cost
RTMI flats generally come at a premium. The upfront cost is higher compared to under-construction flats due to immediate usability and reduced risk.
2. Limited Customization
You get what’s already built. There’s very little room to personalize the interiors or layouts unless you plan to renovate.
3. Fewer Choices
Since you're buying from a limited inventory, your options in terms of floor preference, view, or unit type may be limited.
Pros of Under-Construction Flats
1. Lower Price
One of the major attractions of under-construction flats is their affordability. These properties are typically priced lower than ready-to-move-in units, making them suitable for budget-conscious buyers.
2. Flexible Payment Plans
Most developers offer staggered payment plans linked to construction milestones, easing the financial burden for buyers.
3. Better Customization Options
Since the flat is still being built, you can request modifications in design, interiors, or finishes depending on the stage of construction.
4. Greater Availability
You usually get a wider range of choices when it comes to unit types, views, and floors when buying in a new or ongoing project.
Cons of Under-Construction Flats
1. Possession Delays
One of the biggest risks is delay in project completion. Regulatory issues, funding problems, or construction delays can push back your move-in date.
2. GST Applies
Unlike ready-to-move-in flats, under-construction properties attract 5% GST, which adds to the overall cost.
3. Risk of Changes
There’s always a risk that the final product may not match the promised features in terms of layout, quality, or amenities.
4. No Immediate Use or Income
You can't live in or rent out the property until construction is completed, which might not suit buyers looking for immediate returns or housing.
Real Estate Trends in Thrissur and Guruvayur
The demand for flats in Guruvayur has grown in recent years due to infrastructure development, quality educational institutions, and overall urban growth. While Thrissur is a hub for cultural and economic activity, Guruvayur is attracting both locals and NRIs because of its religious significance and peaceful living environment.
Ready-to-move-in flats in Thrissur are especially popular among working professionals and retirees who wish to avoid the wait and settle down quickly. On the other hand, under-construction flats in Guruvayur are often preferred by investors and NRIs looking for future appreciation and flexibility in design.
Which One Should You Choose?
Choose Ready-to-Move-In Flats If:
- You need immediate housing
- You want to avoid project delays
- You plan to rent out the property
- You want full transparency and minimal risk
Choose Under-Construction Flats If:
- You're looking for lower prices and flexible payment plans
- You're not in a hurry to move in
- You want a wider choice of configurations
- You’re comfortable taking some risk for long-term gains
Tips for Buyers in Thrissur and Guruvayur
- Verify the Developer's Reputation
Whether it's a ready or under-construction property, ensure the builder has a strong track record in project completion and quality. - Check Legal Clearances and RERA Registration
Always check if the property is RERA-registered and has all necessary approvals. - Visit the Site
For ready flats, a physical visit helps assess quality and neighborhood. For under-construction flats, check the construction pace and model apartments. - Evaluate the Location
Flats in Thrissur city center may cost more, but offer better connectivity. Flats in Guruvayur, on the other hand, offer quieter surroundings and spiritual proximity. - Consult a Legal Expert
Have a lawyer verify the sale agreement, title deed, and other important documents before you finalize your purchase.
Final Thoughts
Both ready-to-move-in and under-construction flats come with unique advantages. The right choice depends on your personal goals, budget, and timeline. With the real estate markets in Thrissur and Guruvayur offering diverse options, now is a great time to explore and invest wisely.
Whether you're looking for a peaceful retreat near the temples of Guruvayur or a vibrant city lifestyle in Thrissur, there are plenty of opportunities. Just be sure to weigh the pros and cons, do your research, and make a decision that aligns with your long-term living or investment plans.
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