Glossary · U
Under-Construction Property
A flat or villa sold by a developer before the Occupancy Certificate is issued, paid for in instalments tied to construction milestones.
What is Under-Construction Property?
An under-construction property is an apartment or villa that a developer sells while the project is still being built, before the Occupancy Certificate (OC) is issued. Buyers carry the completion risk, so these homes usually sell well below the price of ready-to-move-in homes. Buyers pay in instalments linked to construction milestones, for example 10% on the foundation and 10% on the 3rd slab.
Practical example
A buyer invests in an under-construction apartment priced at ₹60,00,000, with handover expected in 3 years. Since RERA, the builder cannot legally demand the full ₹60,00,000 upfront. The buyer pays the next instalment of ₹6,00,000 only when the architect certifies on site that the 5th-floor slab has been cast.
In SuperWise
In SuperWise a construction milestone, such as the 5th slab cast, can be a zero-duration task in the schedule, shown as a diamond on the Gantt chart. Tasks carry planned and actual start and finish dates, and site teams record progress against them, so the schedule holds a dated record of when each milestone was reached.
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