In real estate terms, the word Launch is a significant term frequently heard and used by builders and home buyers. The launch date is further divided into two major types such as
This is the phase that happens before the launch date of the project. In this prelaunch stage, the property is actually not yet initiated the approval processes. These are favorable stages for the investors as they can save a considerable amount of money during the Prelaunch phase. However, the investors would not happen to see the actual project, it’s just the proposed plan and layout the investors would be exposed to.
These pre-launches are not the actual launches of the property. These usually happen through email transactions and word of mouth. At this stage, the price of the property will be relatively low that attracts investors with great offers. This is a win-win methodology influencing both ends. The developer could see a good spike in the initial stages of the project.
In this phase, the legal approvals are under process. Relatively these projects are less risky than Prelaunch projects. As in this stage, the legal parts are under supervision. We get confidence that all the documentation is initiated and just waiting for approval from the respective bodies. Investors could expect an average of 10-15 % on property price at this stage. Soft launch projects are a partially safer option. However, the RERA approved projects are the safest and preferable ones to buy. So it’s better to refer to the RERA number of the project for its credibility.
A few facts about the legal aspects of the Prelaunch and soft launch projects
Prelaunch projects are highly risky ones with no legal validation
Soft launch projects are relatively less risker still not the most promising in legal terms
We cannot expect a regular or standard billing system for these types of properties.
Because the developer can claim their own quotation and norms.
Obtaining a proper legal opinion would secure the investments.
Before buying any property we need to be aware and understand the approvals required for the property. One should validate the prerequisite documents first in place. One of the crucial steps is to validate the mother document and have a proper sale agreement in our name to avoid any future legal chaos.
When opted for launching or upcoming project it’s important to choose the right reputed builder who has a good record of delivery, quality and other major essential parameters of the builder. One should be considering the area or place of the property, the strength of the locality and connectivity factors of the property location before choosing the launch projects. Investments are a huge and one-time responsibility. We need to be more aware and cautious while choosing a lifetime property.
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