Month: November 2018
South Delhi is the most happening residential place in Delhi property market. The major residential localities in South Delhi include: Ashram, Amrit Puri, Alakananda, Anand Lok, Amar Colony, Bijwasan, Bhogal, Bikaji Cama Place, C.R. Park, Defence Colony, Central Market, Delhi Cantt, Dilshad Garden, East Of Kailash, Deoli Village, Freedom Fighter Colony, Ghitorni, Friends Colony, Gautam Nagar, Golf Link, Hauz Khas, Green Park, Greater Kailash, Gulmohar Park, Jasola Vihar, Kailash Colony, Jungpura, Jasola Vihar, Jamia Nagar, Kailash Colony, Lajpat Nagar, Kalkaji, Khan Market, Nehru Place, Munirka, Mahipalpur, Mehrauli, Malviya Nagar, Malviya Nagar, Netaji Nagar, Okhla, New Friends Colony, Nizamuddin, Okhla Industrial Area, Niti Bagh, Safdarjung Enclave, R K Puram, Panchsheel Park, South Extn., Sudarshan Nagar, Sheikh Sarai, Saket, Sangam Vihar, Sarojini Nagar, Sarita Vihar, Sarvpriya Vihar, Vasant Vihar, Sunder Nagar, Vasant Kunj, etc. Being the most prominent residential parts of Delhi, the real estate market in these locations of South Delhi is vibrant with talks, deals and transactions.
South Delhi has been rated to be the most preferred residential place of most of the people who look for a hassle-free accommodation. Be it businessmen, corporate executives, government servants or public sector employees, South Delhi is their first choice when residential property matter is concerned. This has made property market in this location very much vibrant and active. Hotel Leela Ventures Ltd. alone has invested recently Rs.611 crore in this region primarily because of the popularity of this place. It was through a highly competitive bid the Leela group acquired the property. The group outbid other players such as Emaar-MGF, Indian Hotels, Uppal Builders, ITC, Park Hotel, Positive Builders, etc. to grab a 3-acre estate in the heart of Delhi by paying a hefty sum of Rs.611 crore against a reserve price of Rs.300 crore. Reportedly, this high priced plot is to be changed into deluxe apartments and other residential complexes.
There are reasons for the upward trend in South Delhi residential property market. A high-paying corporate sector, Central and State Governments’ salary hike, presence of world class property developers building trendy residential units, etc. have lent a fillip to the real estate market in the region. Estimably, property values are to go up in the coming years as there is a mismatch in the demand-supply matrix. The national capital of India, a leading industrial centre, the primary educational centre, etc. are factors which trigger migration to Delhi and this in turn has augmented the demand for residential property in South Delhi. However, a number of mega residential unit projects of the major infrastructure development companies are going on at different locations in the city.
You would certainly not like the idea of waiting for a period of 3 years or even more to buy your own home. In that case, many prefer to go for resale property. Buying resale property has several advantages. Not only you would be able to get a ready made flat to reside but also several other advantages.
The Advantages of Buying Resale Property
You get the opportunity to shift to the house immediately. This would be highly helpful especially when you have to shift to a shelter within a short time.
Many a times, you might be paying huge amount of money as rent and your calculations show that in the long run buying a property would be more economic than continuing to engage huge sums of money as rent. So, to lookout for a home within a short notice, buying resale property is indeed a good idea.
If you are an individual who loves to be located at a prominent position, go for resale property options. You would find as they were built quite early, they are usually located at good locations, at the heart of the city. In contrast, the latest residential developments are usually found in the suburban regions.
Though buying resale property would be advantageous to many respect, but you need to be careful while buying one. Your resale property is old after all and hence, you need to be assured of the fact that the building is still tough and durable.
Important Checklist for Buying Resale Property
Before you enter the flat, engage some professionals to check the plumbing and electrical works. Inspect whether the repair has been properly done or not. Try not to buy a property which is more than 10 years of age.
Your property must definitely be in good shape so that you do not have to spend much on its maintenance.
Check all the legal documents. The title of the property must be the name of the seller. Check whether all the duties and the dues are paid.
Inspect whether the property you are buying has any illegal constructions or not. In that case, you may get in touch of a lawyer or a civil engineer to learn about it.
Avoid buying resale property for investment purpose. If you are purchasing the property to expect huge returns, this won’t be a good business strategy. Purchasing resale flats is worthwhile only if you have plans to shift to the place immediately.