Now there is a higher demand for resale properties in Chennai. The higher demand for resale properties narrows down the prices between the old and fresh properties.
There are many who demand for resale properties in Chennai now. The situation leads to the fact that there is no much difference between the new and a fresh property in the city.
Why there is a higher demand for the second hand or resale properties in Chennai? The answer is simple as there are no fresh launches in the key areas of the city. Weak supply of fresh launches is said to be a key reason for the higher demand for resale properties in Chennai. However this, weak supply, is not the sole reason. There are many other reasons which support the demand for resale properties.
There is a higher demand for resale properties which are located close to some elite schools or well-developed hospitals. Second-hand properties in the commercial hubs or close to the city center also are highly demanded. However they all receive higher demand only if there is no sufficient supply of new properties.
It is true that people are more lenient towards those properties which enjoy better connectivity. The buyers are keen to have better connectivity. So those with better connectivity also are highly demanded, despite the fact whether the property is new or for resale.
According to some experts, the higher demand for resale properties is mainly due to the sky reaching property prices. Property prices in Chennai have shot up highly. Now the properties are no more affordable to majority of the people. This also boosts the demand for properties which might be third hand or even fourth hand property.
It is to be noted that the amenities and facilities of an old project will never be up to date. The amenities and facilities are not as modern as we see in fresh launches. This is one of the main thing you should be careful when you look for such a property. Though you may be able to own a property at lower rates, you may not be able to enjoy a better life.
