A property still being built, bought on a payment plan with possession promised at a future date. Cheaper upfront than a ready home, but it carries delay and delivery risk.
How it works and what to check
Under-construction homes must be in a RERA-registered project, and GST applies. Payments are usually construction-linked, and a home loan is disbursed in stages.
Check the builder's record, the RERA page's progress updates and complaints, and the agreement's possession date, delay interest and cancellation terms.