Such houses are not necessarily old. The market has a large number of recently-built houses that are owned by investors who want to cash out.
Properties in the resale market can be put into two categories. First, ready houses owned independently. Second, units in projects which are in the construction phase. In such projects, the seller does not own the property yet, but has an agreement with the developer entitling him to ownership in the future.
Tips to buy a resale propertyOne reason for buying a house in the resale market can be non-availability of new projects in the area where you want to settle. "In big cities, new residential properties tend to be scarce or non-existent in many central locations," says Om Ahuja, chief executive officer, residential service, Jones Lang LaSalle India (JLL), a real estate advisory firm.
Or, in areas where new properties are coming up, they may have been sold out. This is particularly true in speculator-driven markets such as the Delhi-National Capital Region (NCR). With investors booking at launch so that they can sell out as the project gets going, anyone looking to buy later has no option but to approach them. Read More
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