Help needed for Resale flat valuation

Q: I am planning to buy a resale flat in Sembakkam, Chennai. The flat is 1.2 km away from Velachery-Tambaram main road. The flat is 3years old with 1200sqft. Selling price of nearby newly constructed flat is 4000-4300/sqft. How much I can afford for the 3 year old flat? Do I need to pay separately for parking area while buying the resale flat?

Vino, Chennai

2nd July 2014

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Replies (1)

Hi Vino,
I think the current price of a 3BHK 3-5 years old resale property will be around 4000-4500/sq-ft.

Car parking and open terraces are supposed to be a society's common area. Parking spaces are not considered a part of the FSI and hence, cannot be sold as a separate entity. Developers can sell parking spaces only if they manage to prove that they have used the FSI allotted to them to develop the parking space.