Is it worth buying old flat?

Nothing can be more profitable than purchasing a flat at a price much lesser than the market rate. Moreover, the resale flats are fully constructed and come with a ready-to-move-in tag. Hence, if all the other factors work in your favour, it might be a good idea to invest in a resale flat.

What will happen to my flat after 100 years?

The development authority of a particular area provides land development rights to developers and sells properties for a lease of 99 years. This means that anyone who purchases a residential or commercial property will own it only for a period of 99 years, after which the ownership is given back to the landowner.

Is it OK to buy 20 years old house?

While the fact that a house is over 20 years old should certainly not discourage you from buying it, there are still some things that you should know. This means that a house built even 15 years ago might not be up to the same standards of safety and energy-efficiency as a new house built in the last 5 years.

How many years can I live in a flat?

The life span of a concrete structure is about 75–100 years, the average life span of an apartment is 50–60 years and a house is average 40 years. Although Eco-friendly and green constructions have a longer life span, minimal maintenance can help increase the life span of any building.

What happens to my flat after 50 years?

While an apartment that has run its time span of 50–60 years, keep in mind the land value never depreciates, it appreciates and location can alter the value of the depreciated property, depreciation is calculated as a factor, which is the total value of the property with its age of construction, depreciation factor is …

How did India’s housing market perform in Q2 2020?

Mumbai and Pune are India’s two biggest markets, accounting for half of total sales in the country’s top 8 cities in Q2 2020. In the second quarter of 2020, only 12,564 housing units were launched, down by a huge 80.7\% from a year earlier, according to PropTiger. Total launches in H1 2020 were down almost 65\% from the same period last year.

What is the future growth of real estate in India?

Indian real estate increased by 19.5\% CAGR from 2017 to 2028. Office space has been driven mostly by growth in ITeS/IT, BFSI, consulting and manufacturing sectors. During 2019, the office leasing space reached 60.6 msf across eight major cities, registering a growth of 27\% y-o-y.

How long do concrete apartment buildings last in India?

There is no doubt that given the astronomical land rates nowadays, building an independent house is increasingly becoming tough. However , experts are of the view that concrete apartment buildings in India last only for 30 to 50 years compared to the expectation of 70 to 80 years.

How much will house prices fall in India in 2021?

According to a recently-unveiled report by international property consultancy Knight Frank, the top six housing markets in India underwent a price correction in the range of 2\%-7\% during the July-September period in 2020. A poll conducted by Reuters also shows average house price is expected to fall 6\% this year and 3\% in 2021.

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