This is the most common term used in the real estate market. This term launch has the most significant value among the buyers and sellers as this decides the initiation of the property. This term is classified into 2 components namely
This is the initial phase of the property where the builder just announces the project and at this stage, the approval process is still not initiated. This pre-launch phase is best to invest for investors as these are available on good rebates. At this stage, the investors would not be looking the actual property instead they are exposed to the proposed plan and layout.
Officially this is not the launch period. The project would be officially launched only after all the respective approvals had been obtained. Thus this initial stage of marketing takes place through emails or word of mouth. The price of the property would be a comparatively low price as the necessary approvals are not obtained. This attracts many investors with exciting pricing offers. Developers perform these to spike up their sales number which could be utilized for their marketing and promotional purposes.
This is the phase where the approvals are underway and the builder is just waiting for the approval numbers. For any approval, the regulatory bodies would be requiring some basic documents. So these documentations are obtained in this Soft launch stage. Thus the properties are a little less risky in this phase. This stage properties usually comes with a minimum offer of 5-10% and a maximum of 10-20% from the actual property value.
Soft launch projects are considered the safer ones compared to pre-launch projects. As these are partially authorized with some legal papers. However, it’s best to buy RERA approved property to avoid any future risks.
Below are some of the legal aspects concerned with prelaunch and soft launch properties
At this stage, the property would not be claimed with regula bills so the builder could quote their own norms in selling the property. Obtaining a proper legal opinion would be the safest option to protect the investments.
Having the best understanding of the approval process is an essential step for any potential home buyer. We must ensure that the prerequisites in terms of legal documentation are in place. It’s more basic to have a sale agreement to avoid any dispute.
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