The certainty of getting possession of the property on time is the major factor driving the growth. Another reason is the buyers know exactly how the property looks.
Steady growth
“There has been an almost 10-12 percent increase in the number of buyers in the secondary real estate since demonetisation. With increased demand for ready-to-move-in properties, the secondary market has benefited. ‘Real’ buyers now prefer to buy what they see,” said Santhosh Kumar, Vice-Chairman, Anarock Property Consultants. The secondary realty market will most likely gain more momentum as and when the RERA implementation becomes 100 per cent in all States, he added. According to a report by FICCI-Grant Thornton-Escrowffrr, around 72 per cent transactions in Delhi-NCR in 2017-18 took place in the secondary segment. “Even if the price of properties in the secondary segment is slightly on the higher side, the certainty of getting the unit on time makes it a preferred choice for the homebuyers,” said Mudassir Zaidi, Executive Director (North), Knight Frank India.
According to the reports published by Garima Singh in thehindubusinessline.com it is mid-segment which has seen most traction in the ready properties, according to industry experts.
Documentation
One of the major challenges in the secondary transaction is ownership title. Experts suggest thorough verification of the title deed.
“Property documentation, site visit, drafting of an agreement are some of the areas we focus on,” said Tarun Bhatia, Treasurer, National Association of Realtors-India.