CONSUMER CONNECT

INITIATIVE

CERTAIN POINTSTO PONDER UPONBEFORE BUYINGOR SELLING EXISTING PROPERTY

PROPERTYON-SALE

New property always appeal to anend-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 OpenHouse - the Q&A forum of Magicbricks,“I want to buy a residential flat on re-sale, kindly help me with the currentrates of the same.” There are many ad-vantages which work in the favour ofresale property. The social infrastruc-ture in and around the property to beresold is mostly well- established. At thesame time, there is no delay in posses-sion and the apartments are ready-to-move-in.

RESIDENTIAL INVENTORYSouth Chennai has over 2000 resaleproperties. The popular property con-figuration available here is 2BHK

builder floors and 3BHK apartments.The builder floors are available withina budget of `25 lakh to `1 crore andabove whereas, the apartments are avail-able for ̀ 15 to 30 lakh. In West Chennaithere are approximately 900 resale prop-erties which comprise of 1BHK housesin the price range of `8 to 15 lakh and2BHK builder floors within a budgetrange of `15 to 20 lakh.

In North Chennai, the resale proper-ty number over 800. They offer 2BHKhouses at a cost of `10 to 12 lakh and3BHK builder floors for `20 to 30 lakh.Central Chennai has about 500 resaleproperties that includes 2BHK builderfloors 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 resaleproperty:LEGAL CHECK: The first step towardsbuying a resale property includes check-ing for legal documentations. Before in-vesting, make sure the property is freefrom disputes, check for 'No ObjectionCertificate' from the bank in case ofhome loan and it has authentic paperwork. Before buying an old property, en-sure there are no dues on the propertyfrom electricity, water and property taxdepartments. While the maintenance,electricity and water dues can bechecked from the builder and the socie-ty, tax dues can be checked from the rev-enue department.

AGE OF THE PROPERTY: The morethe age of the property, greater the

chances of depreciation.Therefore, check this

factor before youinvest. If you aresettling for an

old property,check whether

the property has beenconstructed according to the

Master plan or not.

MAINTENANCE CHARGESIn order to avoid maintenance issues,home buyers should get the unitschecked for dampness and leakage be-fore putting in their money. “Check forcracks on walls and moisture as thesethreaten the structure. Seepage and dam-age can endanger the entire structure.Hence, one must get it checked before-hand. The age and quality of wiringshould also be checked,” says PrasanaKesavan, chief architect of Studio 7 Con-sultants Pvt Ltd, an architectural firmbased in Chennai.

One must also consider the recurringrevamping cost of painting, water-proof-ing and structural repairs associatedwith older properties.

SukritiMagicbricks bureau