CONSUMER

CONNECT
INITIATIVE

PROPERTY
ON-SALE

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