Buyers debating between ready-to-move and under-construction can look at our IRR model. Taking Q1-2022 entry prices and Q4-2025 exit comps, under-construction inventory in Ulwe, Kharghar & Panvel delivered 13.4% IRR vs 10.6% for ready flats, thanks to 18–22% construction-linked price appreciation. Risk-adjusted: after 9-month delay probability, under-construction still leads by 280 bps. Key assumption: 20% initial outflow, 80% loan at 8.5%, exit at market rate. We stress-test scenarios—delay >18 months erodes advantage. Download the sensitivity table. Keywords: under-construction ROI, ready possession vs new launch, investor IRR.