In the real estate industry, the term ‘launch’ is been frequently used by real estate developers and buyers and investors.
This phase is the most initial stage of the project. In this phase, the project is not launched. In the pre-launch stage, the project is not yet initiated for any approval process.
These are pleasing phases for any investor. As we could expect a sizeable discount in the property value. As these are in the very early stages. The risk of buying these properties are also a bit high. As the approval process is not been initiated at all. So we would not be getting any approval papers for these properties at this stage.
In this stage, the investors wouldn’t be able to visualise the actual project or master plan. Hardly the investors could see only the proposed layout and the plan.
The sales or marketing of these stage projects would generally happen through emails or word of mouth. This is a win-win technique followed to ease both sides. In this methodology, the clients and builders see a good deal. For the developer, the property is easily and quickly sold. For the client, they get good monetary deals.
In the soft phase, the legal processes are initiated and are pending final approval. Compared to pre-launch projects these are a little less risky as the first set of documentation has been done and processed for the approvals.
We believe that the documentation is initiated and awaiting just the final approval from the respective bodies. Usually, the regulatory bodies would ask to submit a set of documents that are required for approval. If it’s been submitted it means that the property suffices the approval guidelines. So it’s only the official approval pending in this stage.
Investors could expect a significant discount of about 10-20% in this stage. Soft launches are moderately safer to invest in. Nevertheless, RERA approval is mandatory to buy or invest in any property. It’s always suggested to refer or confirm the RERA number before proceeding with any real estate property.
Let’s discuss some of the legal aspects of the Prelaunch and soft launch projects
Pre-launch projects are highly riskier as there is no first level documentation at this stage.
Soft launch projects are rather less risky. Yet not so promising as far as the legal is concerned.
Billings are not streamlined in these types of Pre-launch or Soft launch projects. As the launch for these properties is not done. The cost sheet, price sheet and other documentations would be pending.
There are chances that the developer could have its own price quotations, unlike the market value.
Receiving the proper legal opinions from the professionals could secure our investments.
While opting for upcoming projects we need to ensure that we are choosing the genuine developers in the city. To safeguard our investments. Prestige Groups are the finest genuine developers in the country That one could invest during the early stages like Prelaunch and soft launch.Read more about the Plots: Prestige Marigold
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