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One of the major dilemmas while purchasing a house is whether to buy a resale flat or a new one under construction. People buy resale flats instead of new ones for reasons like instant shift, tag or sometimes because a certain location just does not offer suitable options in the primary market.
Most often, people buy resale flats because they are in a hurry and want immediate possession.
“A home both, as an asset and a possession, is very much like a car. Neither offers the same value or experience when it is second-hand. The feel of a used home or car cannot match that of a brand-new version, simply because it has already passed through the hands of one or more owners,” avers Pradeep Mittal, MD, Sky Seven Enterprise.
Another leading developer A Sinha says, “Assuming that one has bought it from a reputable developer, a resale flat has old fixtures and fittings that come with a minimum guarantee of problem free performance. Wear and tear is not the only problem with older fixtures and fittings, there is also a question of product generation.”
On the other hand, flats in new projects by good developers tend to be more energy-efficient, environmentally compliant, and user-friendly and space optimised. Reputable developers are like doctors, they are constantly upgrading their knowledge, techniques and equipment.
Resale vs new flats
Because real estate is a resalable asset, many people put perfectly acceptable flats on the market after a few years of use because they want to upgrade. This fact makes the market for resale flats almost as big as the primary market.
Homebuyers share a different view on the issue. They often prefer to buy resale flats as they guarantee possession of the property. “I bought a resale flat, since I was getting what I was seeing. I didn’t invest in an under construction flat as there have been too many cases of prolonged delay in deliveries or have been completely stalled,” explains Rohit Trivedi, a bank official.
To sum up
New flats have higher resale value and also longer shelf-life in the resale market because of the lower age of the building. Hence, it is advised that while a resale flat can guarantee possession, it would be wiser to weigh the pros and cons of both options.
Dipika Rathi, Times Property, The Times of India, Ahmedabad