Track2Realty Exclusive: A quest for brand new home is inherently ingrained in the psyche of Indians. However, that is fast changing, thanks to unmet commitment of developers in recent times, banks’ changed outlook and home buyers’ convenience in major cities. Track2Realty reads the pulse of home buyers to understand why resale apartment is no more a taboo and is rather preferred over the new launches and under-construction apartments.
Till only recently the primary reason for going in for a resale flat was inability to buy a home in a strategic location where no new supply was coming in. However, the dynamics has changed after new launches and under construction could not meet the desired euphoria of buying a brand new home.
Moreover, in urban cities, especially in metro cities, home buyers are increasingly getting concerned about the neighbourhood which can be ensured only with a second hand property, unless one is buying a super luxury house where “By Invitation” buyers are picked. Most of the Indians don’t have that luxury.
Experts also suggest if one has personal cash resources at one’s disposal and is not reliant on a home loan (a home loan on a very old property cannot be taken for granted), buying a home in a project that is even 20 years or more in age can be a good investment bet if the residential property is in a strategic, high demand location with low or no new supply. This would mean that the project would come up for redevelopment, ensuring a tidy profit to the owner.
Property analysts believe that resale property market has few of the beneficiary deals going if only the buyer has the patience and goes for some research. In the resale market one can actually get the house one always wished for at cost less than those fresh projects in the similar area.
Banks are not as reluctant nowadays as few years back for resale properties. Of course, black money transaction has been a deterrent as people who survive on their salary generally do not carry black money and banks don’t wish to lend higher than money mentioned in the sale deed.
That, however, is also changing of late with the kind of sellers who wish to improve to a bigger house. They like to accept the entire payment through cheque so that there is no tax mismatch since the sale processes are utilised to purchase another home.
There are many advantages of a resale property. Not only one can select your neighbourhood and other conveniences like schools etc, generally old properties charge less maintenance fee equated to fresh projects.
…..to be continued
