Real estate is growing in all the metros but Chennai is not getting its fair share. This has led to stagnation in the residential market. Simultaneously, this has led to buyers opting for second hand flats as investment options. Mr Sanjay Chugh, VP - Transaction Mgmt Services, Jones Lang Lasalle Meghraj says, The buyer feels that if one is to go for a second-hand apartment on a resale basis there are two things: capital investment is much cheaper, also the registration cost which is slightly higher and the refurbishment cost, if they are getting at the location they are looking at it works out quite cheap.Besides this, second hand flats are 30 to 50 percent cheaper than newly constructed apartments. The profession is also quick and the banks readily finance resale flats as old as 35 years. So in a way it becomes best option for the investors. Although there is a huge demand for resale flats, experts say supply is not even 10% of demand.
source: mybangaloreproperty.com
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