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The first step towards buying a resale property includes checking for legal documentations. The social infrastructure in and around the property to be resold is mostly well-established. There is no delay in possession and the apartments are ready-to-move-in.
The first step towards buying a resale property includes checking for legal documentations. The social infrastructure in and around the property to be resold is mostly well-established. There is no delay in possession and the apartments are ready-to-move-in.
The first step towards buying a resale property includes checking for legal documentations. The social infrastructure in and around the property to be resold is mostly well-established. There is no delay in possession and the apartments are ready-to-move-in.
CERTAIN POINTS TO PONDER UPON BEFORE BUYING OR SELLING EXISTING PROPERTY
Tips on buying and selling of resale
property: LEGAL CHECK: The first step towards buying a resale property includes checking for legal documentations. Before investing, make sure the property is free from disputes, check for 'No Objection Certificate' from the bank in case of home loan and it has authentic paper work. Before buying an old property, ensure there are no dues on the property from electricity, water and property tax departments. While the maintenance, electricity and water dues can be checked from the builder and the society, tax dues can be checked from the revenue department.
ew property always appeal to an
end-user or an investor, however, sometimes the preference is also for resale properties in an established locality. Muralidharan Ramaswamy from Chennai asked on Open House - the Q&A forum of Magicbricks, I want to buy a residential flat on resale, kindly help me with the current rates of the same. There are many advantages which work in the favour of resale property. The social infrastructure in and around the property to be resold is mostly well- established. At the same time, there is no delay in possession and the apartments are ready-tomove-in. RESIDENTIAL INVENTORY South Chennai has over 2000 resale properties. The popular property configuration available here is 2BHK
builder floors and 3BHK apartments.
The builder floors are available within a budget of `25 lakh to `1 crore and above whereas, the apartments are available for `15 to 30 lakh. In West Chennai there are approximately 900 resale properties which comprise of 1BHK houses in the price range of `8 to 15 lakh and 2BHK builder floors within a budget range of `15 to 20 lakh. In North Chennai, the resale property number over 800. They offer 2BHK houses at a cost of `10 to 12 lakh and 3BHK builder floors for `20 to 30 lakh. Central Chennai has about 500 resale properties that includes 2BHK builder floors within a budget of `15 to 30 lakh. Localities with high demand for resale property are Velachery, Porur, Medavakkam, Madipakkam, Adyar, Tambaram, Ambattur, Thiruvanmiyur, Kolathpur and Pallikarnai.
AGE OF THE PROPERTY: The more
the age of the property, greater the chances of depreciation. Therefore, check this factor before you invest. If you are settling for an old property, check whether the property has been constructed according to the Master plan or not. MAINTENANCE CHARGES In order to avoid maintenance issues, home buyers should get the units checked for dampness and leakage before putting in their money. Check for cracks on walls and moisture as these threaten the structure. Seepage and damage can endanger the entire structure. Hence, one must get it checked beforehand. The age and quality of wiring should also be checked, says Prasana Kesavan, chief architect of Studio 7 Consultants Pvt Ltd, an architectural firm based in Chennai. One must also consider the recurring revamping cost of painting, water-proofing and structural repairs associated with older properties. Sukriti Magicbricks bureau