Introduction New Reservations & Resale Their Advantages & Disadvantage

New reservations & resale their advantages & disadvantage are you considering acquiring a home but aren’t sure whether to go with new construction or resale? A lot of research and consideration of various relevant factors are necessary when purchasing a home. While both approaches have many advantages, some negative impacts are also present.

Real estate acquisition is not simple. The timing of the purchase is just as crucial as the choice of seller. You could have to decide between purchasing a brand-new unit from a developer and purchasing from an owner when reserving a home. In essence, the primary market and secondary market are these two alternatives. Both offer benefits and drawbacks, so you must decide wisely based on the subtle differences between them. any of these choices.

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Advantages

New Reservations (Primary Market)

• Customise payment plans, most notably the construction-relate plan, may be available for newly construct units that are still under development. The main benefit of purchasing a unit that is still being built from a developer is the simplicity of payment.
• You won’t have to worry about the paint chipping or nail holes because the item is brand new and unused. You can start over when making adjustments to your unit.
• Following the commencement of RERA on May 1, 2017, all newly construct and under-construction units are require to register with RERA. A new property purchase will assure information and transactional openness. Additionally, the RERA’s Appellate Tribunal will safeguard your interests in the event of a developer’s delay or default.

Resale (Secondary) Market

• When the market is quiet, you have the power to bargain, and you might get nice discounts on the secondary market. In a last-ditch effort to exit the real estate market, investors may lower rates. Even honest vendors may lower their prices to penetrate the developer market.
• The resale market has a greater selection of options that are ready to be move into. Within a few months, you may buy an apartment that is almost ready for occupancy.

Disadvantages

New Reservations (Primary Market)

• Booking a newly constructed unit that is still under construction carries the risk of delayed possession. Even though RERA protects homeowners’ safety, if a project is delay, you can have to pay both an EMI and rent.
• Making purchases from the primary market would draw in goods and services. 5% of the entire cost of the property is tax (GST). In the event that the property is ready for sale, you would not be subject to this tax.

Resale (Secondary) Market

• A lump-sum payment or a few installments over a short period of time are typically require for the secondary market. Your ability to secure an immediate, sizable down payment may be difficult.
• Using a broker in a resale transaction might result in higher costs for you. Brokerage fees are typically in the range of 1–2% of the total transaction value.
• Why Because older properties with an occupancy certificate as of May 1, 2017, are not include in the RERA’s purview, investing in them in real estate is risky.
• On the resale of a property, certain developers impose a transfer fee.

To transfer ownership of the property from the first buyer to the next, developers demand a transfer fee. It typically costs between Rs 200 and Rs 1000 per square foot.

Before making an investment in real estate, we firmly advise speaking with a local property dealer and conducting in-depth market research.

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