The biggest dilemma for any home buyer in Pune is not "2 BHK or 3 BHK," but "Now or Later?"
Should you book a flat in a glossy "New Launch" in Kharadi where the builder promises a possession date of 2029? Or should you pay a premium and buy a Ready-to-Move (RTM) flat in Baner where you can walk in with your bags tomorrow?
In 2026, the answer isn't simple. With RERA tightening the screws, under-construction projects are safer than they were a decade ago. But the money game has flipped completely. It’s not just about the price tag anymore. It’s about the GST blow (which you lose forever), the 'Rent + EMI' trap, and the appreciation—which might not happen at all.
This guide strips away the sales pitch and looks at the cold, hard logic of buying a home in Pune's current market. We analyze the risks, the hidden costs, and the real timeline of possession.
Before we talk about emotions, let's talk about money. Most buyers only look at the "Base Rate." This is a mistake. You need to look at the "All-Inclusive" cost.
Let's compare a ₹1 Crore (Base Price) flat in both scenarios.
The Verdict: The price difference is negligible. You are often paying the same amount for a flat you will get 4 years later vs one you can get today. The "Cheaper Launch Price" is often an illusion once you add GST.
This is the silent killer of middle-class finances in Pune.
If you are currently living on rent in Wakad (paying ₹25,000) and you book an under-construction flat in Hinjewadi (EMI starts immediately or after a moratorium), you are bleeding from both sides.
Scenario:
Possession Date: Dec 2028.
Rent Paid (3 Years): ₹25,000 x 36 = ₹9 Lakhs.
Pre-EMI Interest Paid to Bank: ₹5-10 Lakhs (depending on the scheme).
Total "Dead Money": Nearly ₹15-20 Lakhs wasted while waiting for your keys.
Human Logic: Unless you are living with your parents (Rent = 0), buying Under Construction only makes sense if the price appreciation beats this "Dead Money" cost. In today's market, 20% appreciation in 3 years is rare.
If you are struggling with rental agreements during this transition, check our Pune Rental Agreement Guide to avoid common pitfalls.
When you buy Under Construction, you are buying a dream sold in a "Sample Flat."
Reality Check:
1. Glass Walls: Sample flats often use glass partitions instead of brick walls to make the room look huge.
2. Missing Doors: Have you noticed sample flats rarely have bedroom doors? It opens up the space visually.
3. Custom Furniture: The bed in the sample flat is often 5.5 feet long (custom made). Your standard 6.5-foot King Size bed will eat up the walking space.
4. The View: The brochure shows a river view. By the time the 25th floor is built, a new tower next door might block that view completely.
The "Loading" Scam: Even with RERA, the definition of "Carpet Area" can be tricky. Balconies, dry balconies, and flower beds are often manipulated in the brochure. In a Ready flat, you can take a measuring tape and check the exact dimensions. There is no guessing.
MahaRERA is arguably the best in India. But it cannot conjure money out of thin air. If a builder runs out of funds due to slow sales or market crash, the project will slow down.
The "Grace Period" Trick:
Builders now smartly add a "Grace Period" of 12 months in the agreement.
Promised Date: Dec 2026.
Agreement Date: Dec 2027 (including grace period).
Legal Delivery: You can't sue them until Jan 2028.
Be prepared for a delay of 1-2 years even with top builders. It's the norm in construction.
Always verify the "Proposed Completion Date" on the MahaRERA website, not what the sales guy tells you.
So, why does anyone buy Under Construction? Capital Appreciation.
The "Launch Price" Advantage:
Builders typically launch a project at a lower rate (say ₹6,500/sq.ft) to generate cash flow. By the time the slab work is done, the rate might be ₹7,500. By possession, it could be ₹8,500.
Who should bet on this? Investors who understand Pune's Future Infrastructure.
If you are buying purely for investment, Under Construction offers a higher ROI because you enter at a lower price point. For example, buying near the upcoming Ring Road or Metro Line 3 extension before it is operational can yield good returns. Ready flats are already priced at the peak market rate; the appreciation there will be slow and steady (inflation-linked).
Pune has hundreds of "Zombie Buildings"—structures that are 80% done but stuck for years due to litigation, FSI issues, or funding crunch. Areas like Undri and Pisoli have several such skeletons.
The Golden Rule: If you must buy Under Construction, stick to Grade A Builders with a track record of delivery. Check their previous projects. Did they deliver on time? Or are their previous buyers still protesting on Twitter? A "Cheap Deal" from an unknown builder is often a one-way ticket to legal hell.
Builders often lure buyers with "Subvention Schemes" (Pay 20% now, 80% on possession).
The Risk: The government has cracked down on these schemes because they are risky. If the builder stops paying the interest on your behalf (which happens if they go bust), the bank will come knocking at your door. You are the borrower, not the builder. Your CIBIL score is on the line.
Before signing any loan agreement, understand the Home Loan Process in Pune thoroughly. Don't blindly sign where the banker points.
Many people buy houses to save tax. But there is a catch with under-construction properties.
The "Pre-EMI" Tax Loss:
You can claim tax deduction on home loan interest (up to ₹2 Lakhs under Section 24b) ONLY after you receive possession.
During the construction phase, you cannot claim this deduction. The interest you pay during these 3-4 years accumulates and is allowed as a deduction in 5 equal installments after possession.
The Inflation Hit:
The ₹2 Lakh limit has not been increased in years. By the time you get possession, ₹2 Lakhs will be worth much less in real terms. With a Ready flat, you start claiming the full tax benefit from the very first year.
Under-construction projects sell "Lifestyle". They promise a mini-theatre, a bowling alley, and a lush podium garden.
The Reality Check:
1. Phase-wise Delivery: The swimming pool might be in Phase 3. If you buy in Phase 1, you might be living in a construction site for 5 years while paying maintenance for amenities that don't exist yet.
2. Maintenance Cost: High-end amenities mean high maintenance. Are you ready to pay ₹6-8 per sq.ft maintenance for a bowling alley you will use once a year?
Ready Flats: You can see the condition of the gym. Is the treadmill working? Is the pool clean? There are no surprises.
What if you want to sell?
The decision boils down to your life stage and risk appetite.
Final Word: In Pune's 2026 market, "Ready" is the new luxury. With construction costs rising and delays becoming common, the certainty of a key in hand is often more valuable than the promise of a future palace. Don't let the glossy brochure blind you to the dusty reality of construction sites.
Q1: Can I get a home loan for a Ready-to-Move flat easily?
Yes. In fact, banks prefer funding Ready flats because there is zero "project completion risk." You can often get higher loan-to-value (LTV) ratios and faster processing for ready properties.
Q2: Do I have to pay GST on a flat if the project is "99% complete"?
Yes. Until the builder receives the Completion Certificate (CC) or Occupancy Certificate (OC) from the municipal corporation, the project is technically "Under Construction." Even if you can physically move in, if the OC is missing, GST applies.
Q3: Is it safe to buy a "Resale" Under Construction flat?
It's complicated. You are buying the "rights" to the flat from the first buyer. You will have to sign a "Tripartite Agreement" (You, Seller, Builder). Ensure the builder approves the transfer and checks if the previous owner has paid all dues. Transfer fees can be high.
Q4: Which areas in Pune have the most Ready-to-Move inventory?
Wakad, Ravet, and Kharadi currently have a healthy supply of ready units due to the completion of several large townships started in 2021-22. However, prices in these areas have firmed up.
Q5: Can I claim tax benefit on pre-EMI interest?
Not immediately. You can claim it only after you get possession, in 5 equal installments over 5 years. This often leads to a cash flow crunch during the construction years.