Resale homes are usually ready to move and priced by negotiation. Due diligence focuses on the title chain, dues and society approvals.
Example
Buying a resale flat in Navi Mumbai
A buyer agrees to buy a 15-year-old 2 BHK in Vashi, Navi Mumbai, for ₹1.05 crore. Before paying the token, the buyer’s lawyer checks the chain of sale deeds, the society’s share certificate and NOC, dues on maintenance and property tax, and whether the seller’s loan is still outstanding, in which case the bank releases the original documents at closing.
Figures are illustrative, not market rates.
Questions about Resale property
What extra checks does a resale flat need?
Title chain back several decades, the society share certificate and NOC, occupancy certificate, unpaid dues, any existing home loan and whether the flat matches the approved plan. Unlike a new project, there is no RERA page to rely on.
Is GST charged on a resale flat?
No. A resale of a completed flat is not a supply of construction service, so GST does not apply. The buyer still pays stamp duty and registration charges, and the seller may have capital gains tax to consider.
How is a resale flat’s price decided?
By negotiation, guided by recent registered sales in the building and area, the flat’s condition, floor and age, and the government’s circle or ready reckoner rate, which sets the minimum value for stamp duty.
Sources
- CBIC — GST · accessed
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