Prithvi Estates is actively involved in the resale of residential apartments, independent houses/ floors, plots, farmhouses, villas and serviced apartments in Delhi NCR. We have thorough knowledge of the region and have dedicated professionals to address all your real estate needs- whether specific or right from scratch. Our team understands your requirement in depth and then starts working on the same to fulfill it in the most effective and efficient manner possible.
The advantages of going in for a property in the resale market is that you may get a good flexibility in the payment terms and can negotiate/ structure a good deal which is according to your level of comfort. Also, here you might find a property, which is ready to move in, or nearing its possession as you are entering at a later stage of the payment plan. In the larger cities, 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. The said resale properties are sold either by the primary owners or by investors. As such, there is a much higher possibility of flexibility in the payment terms. One should bear in mind that the Indian residential property market is in a constant state of evolution and so; it is unlikely to find the facilities and amenities that are available in the newer projects on the market in an older building.
There are certain challenges that a buyer of a resale residential property 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.
Documentation and procedures:
We assist you in all the drafting and procurement of all the necessary documentation required in the resale of a property. All the documents that are applicable for a primary residential property sale would be required for a clear resale flat transaction, as well. The seller should be able to produce all original documents.
The buyer should bear in mind that in the case of a resale property, proper transfer and re-registration is necessary. The documents required for transfer and registration of residential and commercial properties, apart from the sale deed, include- the allotment letter, the builder- buyer agreement, all the payment receipts in original and a list of personal documents from the seller and the buyer that reflects details such as the title of the property, the built-up area, terms of ownership etc.
In addition, the buyer of a resale property should ask for a clear ownership history if the residential property has changed hands before. The local registrar will establish the authenticity of these documents. If one is buying the property via a home loan, the bank will run a routine due diligence.