Saturday, 10 November 2012

Buying a resale residential property In Patna. 

The primary advantage of going in for a resale flat in Patna 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 (a home loan on a very old property cannot be taken for granted), buying a home in a project that is 30 years or more in age can be a good investment bet in Patna if the residential property is in a strategic, high demand location with low or no new supply. This would mean that the project would come up for redevelopment, ensuring a tidy profit to the owner.

Are Resale Properties Always Cheaper?

Not necessarily. In Patna, new residential property supply is scarce or non-existent in many central locations. In such areas, there would not be a question of discounts on resale properties. Discounts are more prevalent in areas where the market is more competitive. That said, resale properties are sold either by the primary owners or by investors. As such, there is a higher possibility of flexibility in payment terms.

Points To Note

There are certain challenges that a buyer of a resale flat may face in Patna. This could include lack of proper chain of documentation, especially in cases where the property in Patna 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.

There may also be additional expenses for repairs to masonry, plumbing, electrical wiring and fittings. Obtaining a home loan for a property which is anywhere close to 50 years of age can also be a challenge.

Finally, one should bear in mind that the Patna residential property market is in a constant state of evolution. One is unlikely to find the facilities and amenities that are available in the newer projects in the Patna real estate market in an older building.

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