Also called: Resale flat, Secondary market property
A property bought from its current owner rather than from the builder. You see exactly what you get, but the title and dues need careful checking.
How it works and what to check
In a resale, you buy from an individual through an agreement to sell and a registered sale deed. No GST applies. The checks are the chain of title, encumbrance, society or association NOC, dues and the building's approvals.
If the seller has a loan, plan for the lender's closure and release of documents at registration.
Common questions
Is a resale flat a better buy than a new one?
It avoids construction risk and GST, and you can inspect it. New homes offer newer buildings and payment plans.
Does a resale flat need a society NOC?
Buyers and banks usually want one to confirm dues are cleared; rules differ by state.