When it comes to realty projects, the term “Launch” has a lot of significance among builders and home buyers. It is among the most frequently used word, which is divided into two components, namely:
It is the phase where the builder announces the project, and it is when a project’s approval processes are still not initiated. It is ideal for investors to invest in the property as it offers a good rebate on the overall costs. During the pre-launch phase, the investor will not see the actual property, and they are exposed to only the proposed layout and plan.
Pre- Launch phase is not an official launch of the project, and it generally takes place through emails or word of mouth. The property prices will also be relatively low at this stage, attracting investors with great offers. Developers do this to spike up the initial sales figures, which can be used for marketing and promotions. Funds from this will directly impact the potential future sales benefitting the developers.
It is the phase where the approval process is underway, ensuring all the requisite clearances and approvals. Soft-launch projects are less risky compared to pre-launch projects as the documentation is underway and is legally recognized. The properties under this stage always offer a 10-15 per cent discount compared to the market price attracting investors.
Soft-Launch projects are considered the safer option for investment as all the necessary documentation work will be under process. But without the RERA approval, even a soft launch is considered to be illegal. Hence in today’s market, this stage is announced after the developer receives the RERA number. The prices also will be comparatively low and are risk-free due to its registration.
A few of the legal aspects related to pre-launch and soft-launch properties are as follows:
There will not be any regulatory bills in place because a developer can define their norms and start selling the property. But obtaining a proper legal opinion is advised to protect the investments.
Getting a thorough understanding of the approvals is an essential step for potential home buyers. One must ensure that all the pre-requisites and required permissions must be in place in a document format. At least a sale agreement has to be obtained to be well-prepared if any kinds of dispute occur.
Usually, when it comes to launching a project choosing the right reputed developer is the first step with the most exemplary track record of delivery. Considering the location, surrounding potential, and connectivity, one has to choose the launch projects. Investment is a huge responsibility, and it has to be selected with utmost care.
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