All you need to know while considering pre-booking a project – Part I

Buying properties in Mumbai and even in the adjoining cities of Thane and Navi Mumbai is no more just matter of few lakhs. It reaches from lakhs and lakhs to even crores these day. In such a scenario, the middle class looking to buy home have to look for ways such that they can get atleast some discounts. And one such way is pre-booking the projects. Pre-booking also comes with its own sets of advantages and disadvantages. In this post, which will be divided into parts for better understanding and absorption, we will discuss all you need to know if you are considering pre-booking a project.

Pre launch and Soft launch

In the context of pre-booking, you will frequently come across two phrases i.e. pre launch and soft launch. It is very important to understand the meaning of the two as its clarity will help you making a beneficial decision in your favor. Both pre launch and soft launch projects raise funds for building the project from the buyers. However there is a very thin but very important distinction exists between the two. Pre launch properties are those who are yet to receive the approvals from the relevant authorities and are raising enough fund to initiate the process right from the scratch, while the soft launches are the one who have already secured the required approvals and are raising fund for the construction of the project.

Now the question arises, if such is the scenario why one should invest on the pre launches? The reason is the considerable discount that one can get if investing on pre launches. The percentage of discount often goes up to as much as 20-30 % which is crucial for the middle class. However, soft launches surely involve lesser risks.

How the developers pre-launches a project?

The pre-launch of a project occurs only through words of mouth among internal sources. The developers inform the brokers, who in turn inform the investors or buyers who get in touch with them. Pre-launch projects are generally not advertised in any other formats as there lies some legal boundations due to the unavailability of required permits. Therefore if you are at all looking for pre launch project because of its considerable discounted rate, get in touch with some trusted brokers.

In the following parts of this blog, we will discuss the advantages and disadvantages related to buying a pre-launch or soft launch project and the precautions which one needs to take while putting the money in.

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