Resale flats or under construction flats

Q: Can anyone guide me as which is a good option to go for at this point of time resale apartments or under construction apartments?

Neeraj Rao,

28th September 2013

Investment Advice in Bangalore

under construction apartments

resale apartments

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Document verification and all that nowadays has got least preference as maximum projects are clear titled and you should lookout for Pre launch or the Launch projects to Invest.... for More Details Please Call Back Shariff 9483427861/ Email rapidrealtyindia@yahoo.com

14th December 2013

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Advantages of resale flats:

a) You can verify legal tiles and can be assured of legal status.

b) No waiting period. Immediately you can occupy your new flat until and unless you are planning for some re- furnishing.

c) Cost including home loan interest is low compared to under construction flats.

d) You can check out construction quality with the help of structural engineer.

e) You can pay right price because you will get an idea on real estate trends of complex and locality.

Disadvantages of resale flats:

a) Check out for wear and tear or any other visible damage.

b) No major changes is possible in house structure or layout.

c) You do not have choice available for selection in terms of floor rise, view etc as not many flats are available for sale.

d) If you are planning to do a complete makeover the it will cost you a bomb.

e) Society rules might not suit you and you cannot change it.

Amarnath, Bangalore

28th September 2013

Comment

I am planning to buy a resale property so want to know what are the pros and cons of a resale property....

Pratap, Bangalore

28th September 2013

Comment

Pros: 1) You may get a better deal than going with builder directly.

2) A brand new flat usually has some issues with society formation, issues with builders etc. With resale flat of 5 yrs usually these issues will be sorted out.

3) You get what you see unlike in under construction.

Cons: Only major Con is that it is difficult to sell resale flats. But if you are looking for yourself and never gonna sell it, then resale flat is good.

Dharmesh Shukla, Bangalore

28th September 2013

Home buyers who are planning to settle in their dream home this year, have to wait longer. because according to real estate expert, developers will be able to deliver only one third or even less of the units they had committed for this year. So it is better to go for resale flats for now at least.

Balwinder Singh,

28th September 2013

Comment

What are the documents required for buying a resale flat?

Neeraj Rao,

28th September 2013

As far as I know documents required for buying resale flat are:

1. Construction agreement, where the Saleable area and common areas are mentioned.

2. UDS registration document

3. Sale Deed

4. Parent document for the Land on which the apartment is constructed, usually, it will be photocopy of all the documents bound as a book.

5. Floor plan of the apartment with structural drawings ( some banks as for this and some doesn't)

6. Property tax receipts

7. NOC from the lender bank in case the previous owner bought it on loan.

8. Recent Encumbrance Certificate applied on Your name.

Manu Kumar, Bangalore

28th September 2013