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Buy Flats in Resale Real Estate Market in Patna

 




Over the years property rates in Patna are going in the upward direction without showing any sign of respite. Amazingly for many of us in Patna; still developers are launching new projects under different categories and homes in Patna are getting sold. A fascinating new option of buying cheaper flats in Patna has risen on resale market of apartments in Patna real estate. Home buyers in Patna are getting huge discounts on resale flats.  


The natural question that arises in home buyers in Patna’s mind is “why developers are offering big discounts on resale flats?”

 

 No, these flats do not come under old building category or flats in decades old projects. One reason is that some of these flats stayed empty since its launch and developers in Patna are giving away for discounts. There are other reasons as well; these are flats in Patna which were snapped up by investors in Patna or home buyers in Patna during the pre-launch stage hoping to sell after some years to earn more profit. Many investors in Patna book a property in Patna at the initial stage just to make a small profit. If they want to make a quick exit, they will price the flat in Patna cheaper than the one offered by the developer, for a faster sale. Another reason is that developers in Patna offer big discounts to investors on booking flats during soft launches. Therefore even by selling the flats in Patna at cheaper rates than the one offered by developers, investors earn profit.

 

What are the benefits?

 

The best thing to buy flats in Patna in the resale market is that flats will be on the verge of completion or in ready-to-move-in condition. So, the home buyer in Patna will be aware of what kind of flat in Patna he/she is going to get and  will be sure about the amenities. In such cases, developers get no scope to use any trick while selling the apartment in Patna on resale market. For instance, in newly launched flats developers in Patna may promise to provide wooden flooring or some other facilities but in real they may get you nothing they promised 


before. This option nullifies in a resale flat in Patna.

 

The challenges

 

Advantage and disadvantage comes with almost everything and buying property in Patna resale market is no exception. On one hand you are getting what you paid for but on the other hand, you have to keep enough money for down payment because down payment is much higher in the resale market in Patna then the one asked by a developer in Patna. Many a time, seller of the resale flat may ask you to may partial amount in cash, for which you may have to borrow money from bank. So, before buying a flat in resale market, ensure that you can pay 25-30 percent from your own pocket. Remember, when you are buying flat particularly in resale market in Patna, you are more dealing with an individual seller and not the developer. Home buyer in Patna can’t take anything at face value here, they must thoroughly scrutinize all the property documents, especially those that verify the seller as the real owner of the property in Patna, who has the right to dispose it off. 


Apart from the actual property price, home buyers in Patna need to consider other costs as well, like property registration charges, transfer charges to the housing society in Patna and so on. It is better to confirm that seller has paid off all the dues and taxes before selling the flat in Patna. Adding to it, resale flats in Patna comes with some minor problems like obtaining club membership and parking spaces. If the first buyer did not buy the parking space, the new buyer may not be able to get a new parking lot even if he is ready to pay for it, in some cases. Therefore if you can spend some time in investigating the deal, you will get cheaper resale flats in Patna. BuysellrentPatna thinks that this trend will catch up more and open a new dynamic segment in Patna real estate.

 


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