28 years old 2 bhk of 680 sq.ft.in first floor at Gandhinagar,Adyar,Chennai-20 is qutated for Rs.60 lacs.Is it worth buy

Hanumantharao, Apartment Resident

16th November 2014

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Hi,
in my concerned avoid buy too much old apartment . its better look in fresh properties as old properties get depreciation value in long run and u have to add more amount in reconstruction and repairing cost.

Anandraj Iyengar, Chennai

23rd January 2015

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Hi Mr Hanumantharao,
As per my knowledge, it is advisable to check the age of the house before buying. The apartment should not be more than 1-5 years old, at the maximum of 10 years. Any building older than this limit is not worth spending your money. Gandhinagar ,Adyar is a nice location, you can get a fresh 2 BHK ,650 sq-ft in affordable price.

Venu Gopal, Chennai

17th November 2014

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According to me the primary advantage of going in for a resale flat would lie in buying a home in a strategic location where no new supply is coming in. If one has personal cash resources at one's disposal and is not reliant on a home loan, buying a home in a project that is 20 years or more in age can be a good investment bet if the residential property is in a strategic, high demand location with low or no new supply.

VKumar, Chennai

17th November 2014

Hi Mr Hanumantharao,

There are certain challenges that a buyer of a resale flat may face. This could include lack of proper chain of documentation, especially in cases where the property has changed hands more than a couple of times in the past. If the property is over 18-20 years old, it is possible that it was never formally registered in the first place. Registering it at the current point in time would put the onus of paying the stamp duty in arrears on the buyer.

Ravi Kumar, Chennai

17th November 2014

@ Hanumantharao,

In my point of view, if you are planning to have a 2 BHK apartment in 60 lac in Adyar, then why going for 28 years old apartment. I don't think it is a good idea. As Mr Ravi Kumar said , there may be some issues you will find out later. It is not advisable to go for a 28 years old apartment in a prime location like Adyar, where you can got a luxurious 2 BHK apartment in 60 lac.

Javed, Chennai

17th November 2014

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