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CONSUMER CONNECT INITIATIVE CERTAIN POINTS TO PONDER UPON BEFORE BUYING OR SELLING EXISTING PROPERTY PROPERTY ON-SALE N ew property always appeal to an end-user or an investor, howev- er, sometimes the preference is also for resale properties in an estab- lished locality. Muralidharan Ra- maswamy from Chennai asked on Open House - the Q&A forum of Magicbricks, “I want to buy a residential flat on re- sale, kindly help me with the current rates of the same.” There are many ad- vantages which work in the favour of resale property. The social infrastruc- ture in and around the property to be resold is mostly well- established. At the same time, there is no delay in posses- sion and the apartments are ready-to- move-in. RESIDENTIAL INVENTORY South Chennai has over 2000 resale properties. The popular property con- figuration available here is 2BHK builder floors and 3BHK apartments. The builder floors are available within a budget of `25 lakh to `1 crore and above whereas, the apartments are avail- able for `15 to 30 lakh. In West Chennai there are approximately 900 resale prop- erties which comprise of 1BHK houses in the price range of `8 to 15 lakh and 2BHK builder floors within a budget range of `15 to 20 lakh. In North Chennai, the resale proper- ty number over 800. They offer 2BHK houses at a cost of `10 to 12 lakh and 3BHK builder floors for `20 to 30 lakh. Central Chennai has about 500 resale properties that includes 2BHK builder floors within a budget of `15 to 30 lakh. Localities with high demand for re- sale property are Velachery, Porur, Me- davakkam, Madipakkam, Adyar, Tam- baram, Ambattur, Thiruvanmiyur, Ko- lathpur and Pallikarnai. Tips on buying and selling of resale property: LEGAL CHECK: The first step towards buying a resale property includes check- ing for legal documentations. Before in- vesting, make sure the property is free from disputes, check for 'No Objection Certificate' from the bank in case of home loan and it has authentic paper work. Before buying an old property, en- sure there are no dues on the property from electricity, water and property tax departments. While the maintenance, electricity and water dues can be checked from the builder and the socie- ty, tax dues can be checked from the rev- enue department. AGE OF THE PROPERTY: The more the age of the property, greater the chances of depreciation. Therefore, check this factor before you invest. If you are settling for an old property, check whether the property has been constructed according to the Master plan or not. MAINTENANCE CHARGES In order to avoid maintenance issues, home buyers should get the units checked for dampness and leakage be- fore putting in their money. “Check for cracks on walls and moisture as these threaten the structure. Seepage and dam- age can endanger the entire structure. Hence, one must get it checked before- hand. The age and quality of wiring should also be checked,” says Prasana Kesavan, chief architect of Studio 7 Con- sultants Pvt Ltd, an architectural firm based in Chennai. One must also consider the recurring revamping cost of painting, water-proof- ing and structural repairs associated with older properties. Sukriti Magicbricks bureau
