Hi,

What is the maximum age of an apartment? I am planning to buy a flat (Gated community with more than 100 flats) in velachery..and this flat is 10 years old. 700 s.ft (UDS: 370)...just would like to know is this a good deal to go.

Thx.
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  • maybe another 10years
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  • I am confused after reading the above threads...becoz some says it can up to 100 years,for some it is < 50 years or <30 years :(

    Anyways I am going to go for the bank loan, is it better then to take advise from the bank itself becoz they would be the one do all the verification (incl. property life span) before sanctioning the amount.
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  • Life time of building depends on the Concrete structure, material,structural design and construction designs patterns used. You can not take 100 years as example we need to analyze case by case.

    On an average the expectation of apartments is 70 to 80 years. But in India apartments lasts only between the range of 30 - 50 years.

    Building depreciates after 10 years and land value gets increases.


    Originally Posted by smv007
    I am confused after reading the above threads...becoz some says it can up to 100 years,for some it is < 50 years or <30 years :(

    Anyways I am going to go for the bank loan, is it better then to take advise from the bank itself becoz they would be the one do all the verification (incl. property life span) before sanctioning the amount.
    CommentQuote
  • 10 yr old apt. Just go for it.

    Banks approve anything within 30 yrs without much fuss.

    However they will value pretty much based on UDS. Construction costs is very minimal at 10yrs and at 20 yrs it becomes Zero.
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  • Originally Posted by smv007
    I am confused after reading the above threads...becoz some says it can up to 100 years,for some it is < 50 years or <30 years :(

    Anyways I am going to go for the bank loan, is it better then to take advise from the bank itself becoz they would be the one do all the verification (incl. property life span) before sanctioning the amount.


    It depends upon the quality of construction which differs from building to building. We cannot arrive at general lifespan applicable for all buildings, have to evaluate in detail.
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  • Originally Posted by smv007
    Hi,

    What is the maximum age of an apartment? I am planning to buy a flat (Gated community with more than 100 flats) in velachery..and this flat is 10 years old. 700 s.ft (UDS: 370)...just would like to know is this a good deal to go.

    Thx.


    European apartments last for more than 150 years...Indian apartments 20 years to 30 years depending on quality....After 10 years, seapage and cracks develop in Indian Apartments..After 30 years, the same builders will involve government Goondas(Police/Govt. Bodies) to vacate the "dangerous to Live" apartments and redevelopment work....In redevelopment works the cost of construction will be as per that time or no cost taken from apartment owner except that your 1200 sqft apartment will become 400-500 square feet after redevelopment, rest will be sold by builders..
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  • I agree with K11, 10 yrs is nothing to worry. Actually it is better because you can check the quality of bldg rather then buying new one and wait for 10 yrs to evaluate the quality.

    In general bldg can stand up to 40 yrs with normal weather condition and apts close to coaster area ( with in a km ) can see the impact in 30 yrs.
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  • Originally Posted by suwonguy
    After 30 years, the same builders will involve government Goondas(Police/Govt. Bodies) to vacate the "dangerous to Live" apartments and redevelopment work....In redevelopment works the cost of construction will be as per that time or no cost taken from apartment owner except that your 1200 sqft apartment will become 400-500 square feet after redevelopment, rest will be sold by builders..


    is this true ? is it based on UDS ?
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  • Thanks all for your inputs. Today I went and saw the building, the outer look gives me a sense of satisfaction, from the security guard i came to know the whole apartement has been recently painted and even i looked at the play area, garden , parking slots...everything has been cleanly maintained.

    And also i dont see any visible cracks, corrosion in the flat the one which I am planning to buy...from neighborhoods they told me there was no shortage of water in the past...in a way, i am pretty much convinced with the building. Owner was quoting 42L. Dunno how much can i bargain for this, as one said the construction cost would have been less 10 years ago.
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  • Originally Posted by sunr2i
    I agree with K11, 10 yrs is nothing to worry. Actually it is better because you can check the quality of bldg rather then buying new one and wait for 10 yrs to evaluate the quality.

    In general bldg can stand up to 40 yrs with normal weather condition and apts close to coaster area ( with in a km ) can see the impact in 30 yrs.


    I agree with sunr2i. Maintenance plays a major role in an Apartment's lifespan. Water seepage and quality Weather coating plays a major role here, if unattended, can reduce the lifespan of the apartment.
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  • Hi all,

    Can any one of you tell me what are all the documents should I get from the owner for bank loan & legal verification? Y'day he gave me the construction & sale agreement & also a single paper on sale deed agreement where it has mentioned the agreement details on last owner of the land. My assumption was, sale deed agreement is a kind of bunch paper, which details from the very first owner of the land until the latest.

    Thanks
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  • Originally Posted by smv007
    Hi all,

    Can any one of you tell me what are all the documents should I get from the owner for bank loan & legal verification? Y'day he gave me the construction & sale agreement & also a single paper on sale deed agreement where it has mentioned the agreement details on last owner of the land. My assumption was, sale deed agreement is a kind of bunch paper, which details from the very first owner of the land until the latest.

    Thanks


    Following is what I can think of at the moment, others please add if I missed any,

    1. Construction agreement, where the Saleable area and common areas are menationed.

    2. UDS registration document

    3. Sale Deed

    4. Parent document for the Land on which the apartment is constructed, usually, it will be photocopy of all the documents bound as a book.

    5. Floor plan of the apartment with structural drawings ( some banks as for this and some doesn't)

    6. Property tax receipts

    7. NOC from the lender bank in case the previous owner bought it on loan.

    8. Recent Encumbrance Certificate applied on Your name.
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