According to realtors who have been exclusively marketing resale properties, the demand for resale apartments in and around city areas has been gaining momentum. Larger unit size, proximity to schools and hospitals and work areas are some of the criteria that tilt the balance in favor of resale apartments.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.
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The demand for resale units is high particularly in areas like Lavelle road, Richmond road and Cunningham road, says Rebekka Ninan of RNU Partnership. There are specific locations where resale market is quite active like Koramangala, Jayanagar, JP Nagar, Malleshwaram and Ulsoor, according to property consultants.
The new units cost anywhere between Rs 10,000 and Rs 15,000 per sqft in CBD areas. The 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.
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.
Reference: commonfloor.com/stories
