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Getting a good Deal when Buying Resale Property

A list of key things a prospective buyer of such units must look for

There are several ready-to-move-in apartments available in Delhi NCR, many of which are resale properties.

“Those who paid the booking amount and blocked apartments are now ready to sell and book profits with the markets looking up. These properties generally fall into two categories — completed homes ready for sale and those expected to be completed soon. Though the prices of such units are higher, it does cut the waiting period that one associates with property investments,” says Sushant Mukhtiani, a property consultant in Noida with over a decade’s experience.

What are some of the key things a prospective buyer of such units must look for? HappyKeys talked to several industry experts for important tips to gain the most from a resale deal.

“The thing to look for in the case of a resale property is the presence of existing or upcoming lifestyle projects,” says Anand Kalra of Sri Durga Real Estates. “An upscale project in the neighbourhood is a good option to look for, even if you are aiming to buy a modest dwelling.”

Kalragives the example of a client who bought a 2BHK unit from a mid-segment developer in Noida in close proximity to Jaypee Greens Kosmos project.  “Though the complex he bought the flat in is a modest one, the main access to the area is maintained by Jaypee Greens which is a super luxury residential project. Thus, simply by the virtue of its strategic location, the housing complex gets a green upmarket feel despite being a modest on,” says Kalra.

Getting a good price
“A resale property is not necessarily more expensive than a newly-launched one,” says Veenalini Makhija, one of the few freelance women property advisers in Delhi-NCR. “In fact, you can even get a good price if you can identify some micro-markets that have a marked oversupply. Alternately, localities where planned development has been postponed or delayed are good targets. In both these categories, one can get apartments at a good rate. The current owner has to essentially keep the sale price lower than the one being quoted by developers in the area.”

The checklist also includes:

  • Verifying the title records
  • Ensuring property specifications conform to the ones on official documents
  • Builder-buyer agreement and original payment receipts
  • Reason/s the owner is selling the property.
  • This is important. In case the property being sold by someone who originally planned to live there, find out the reasons for the owner’s change of mind,” says Makhija.
  • In case the property is part of a housing society, rules and controls with regards to the sale need to be checked and adhered to.