Here’s a toolkit to ensure a safe and seamless purchase…
The Indian real estate sector has been a victim of slow sales for the past many quarters. However, the developers and government authorities have been consciously making an effort to ease the pressure and create a positive sentiment within the market. According to industry experts, the strong efforts have shown results lately as homebuyers are gradually converting from fence-sitters to active buyers. So, what kind of apartments do the homebuyers of today prefer?
Well, our analysis has found out that resale homes are scoring over under-construction properties and have been lately the top choice among buyers. But what are the reasons riding this wave of preference? Let’s understand…
Divya Seth Maggu, Associate Director – Valuation And Advisory, Colliers International India, says:
No double whammy: One of the most important benefits of buying a resale home is that you end up saving on rent. One does not have to pay a rent along with an EMI. Also, if the purchase is not intended for self-use, one can let it out and start earning rent immediately. No additional costs: For most under-construction properties, other charges like parking, floor rise, PLC, etc., come into the picture after the buyer signs on the dotted line. On the other hand, resale properties are sold on a lumpsum basis.
No delivery risk: Resale properties have no execution risk. Thus, the chances of delay in project construction are eliminated.
According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, homebuyers seem to have rediscovered solace in resale properties amid the disruptive times, courtesy the reforms-driven new order and the resultant slump in the residential sector. And here is why…
Neighbourhood: It is always safe to have a flat in a society which is occupied by people living there for years. Also, this will always give them an edge of having a safe background check before investing, whereas in an under-construction flat, there is no scope for the same.
Clear titles: One of the criteria while buying a house is availability of clear titles and Occupancy Certificate (OC). A resale flat gives an assurance that the society will have an occupancy certificate.
Interiors and space benefits: In cities like Ahmedabad, older constructions usually have the benefit of good ceiling height and more livable space as a result of less loading.