Key Points
Sales of completed or nearing-completion homes by first owners are booming as demand outpaces market supply, with prospective buyers increasingly viewing the resale market as a viable alternative...
Factors contributing to this trend include a scarcity of newly constructed properties ready for immediate occupancy, a dearth of new developments, and escalating price hikes in major markets...
"Recently, there has been a notable surge in the demand for resale residential properties across cities..
Consequently, prospective buyers in urgent need of housing are increasingly looking towards the resale market as a practical alternative," said Saurabh Garg, co-founder and chief business officer NoBroker, the first brokerage free prop-tech startup that connects homebuyers to owners...
Bigger carpet areas in resale units, lower prices of 15-30% for resale units compared to new launches are also driving the demand...
