Resale of properties in Chennai is increasing
As the cost of properties in Chennai are increasing and new apartments at affordable price ranges are difficult to secure within the city, resale market for existing properties is becoming hot in Chennai.
The demands of resale of properties are increasing in prime location in the city. As new properties might not be coming up at desired locations to meet the demand or high prices could be a barrier.
One of the reasons for home buyers looking at this option was the pricing of such properties and a greater possibility of negotiating terms with the sellers. That the properties are ready-to-move-in homes was another attraction.
Banks are offering funds for a maximum loan of 80 per cent of the cost of a re-sale property and for a maximum term of 20 years subject to the borrowers’ individual creditworthiness.
Another most important factor that drives the growth of re-sale property market is that they are available at locations where the buyers want to live because of close proximity to educational institutions, health care facilities, places of worship as the buyers could live closer to their older parents.
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Source: The Hindu Businessline
