Demand For Resale Apartments Has Been Gaining Momentum
Though the availability of resale units has been rather limited in Central Business District (CBD) areas, demand always exists from the location specific homebuyers. The demand for resale units is high particularly in areas like Lavelle road, Richmond road and Cunningham road, says Rebekka Ninan of RNU Partnership. The demand for resale apartments in and around city areas has been gaining momentum according to realtors who have been exclusively marketing such units to homebuyers. At the same time prices for resale units in city areas have also gone up by 50 per cent in a span of two years, according to realtors.
With the slowdown engulfing the new developmental plan of most developers, new projects are getting delayed. Those in need of accommodation at the shortest possible time are keen to opt for resale units. There are specific locations where resale market is quite active like Koramangala, Jayanagar, JP Nagar, Malleshwaram and Ulsoor, according to property consultants. Larger unit size, proximity to schools and hospitals and work areas are some of the criteria that tilt the balance in favour of resale apartments. While new units cost anywhere between Rs 10,000 and Rs 15,000 per sqft in CBD areas, prices for resale units vary from Rs 6,000 to Rs 12,000 per sqft depending on the age of the building, quality, specification and type of amenities available in the project.
With the dip in rental market, there is a buying trend among people which in turn has also improved the demand for resale units in the market. The demand is more for CBD areas as proximity to a range of facilities is what nudges them to opt for resale units.
The demand for home loans for resale units has also picked up if the quantum of enquiries received by various housing finance institutions is any indication. At the same time not all companies provide home loans for resale units beyond 15 years. Yet another factor that has given a virtual boost to the resale units’ market is the investor segment keen to convert available residential units into serviced apartments for which there is a growing demand. This is due to the shortage of budget hotels in CBD areas and the need for prolonged stay by business travelers.
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