Many home buyers are settling for old property as they cost less than new schemes and have more carpet area.
Nilay Buch, a professional was on the lookout for a three-bedroom-hall-kitchen (BHK) apartment in Ahmedabad. After his six-month-long search for a suitable home, not very far and within his budget in a good locality, Buch settled for a spacious three-BHK property up for re-sale near ISRO recently.
"If I had gone for such a spacious flat in a new residential scheme I would not only have spent double the amount but also would have had to go as far as South Bopal, Ranip, Thaltej or Motera.
By opting for a few years' old property I get the benefit of getting a house in an already developed and posh locality within city limits and that too for a lesser price," said Buch. He said, even if he spent Rs3 lakh on refurbishing the interiors, it would still be in his affordable range.
At a time when realty is soaring high -- beyond the middle-class salaried person's reach, Ahmedabad is seeing a surge in deals of re-sale properties. Experts say, around 30% of buyers prefer properties in re-sale in Ahmedabad while 70% people opt for new residential schemes. Experts say, people who now want to buy bunglows and row-houses in posh areas like Prahaladnagar, Satellite etc. have no choice but to go for property in re-sale as there is no land available where new schemes can come up.
Hitesh Shah, CEO, residential properties, Space Management Ltd said not only does the buyer who opts for a re-sale deal get a location of his choice and at an affordable price, it also has other advantages.
"The buyers also get around 15% more carpet area in case of older properties for lesser price -- which doubles the benefit. Moreover, in case of around 15-year-old but well maintained properties the buyers pay around 15-20% less amount than new properties," Shah said.
Majority of the people opting for properties in re-sale belong to a class that is upgrading itself or who are migrating to urban areas from small towns or villages.
The younger generation prefers new schemes as they get longer time of payment unlike re-sale properties wherein payment is made upfront.
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