What happens to old apartments in India?

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What is the average life of an apartment in India?

However , experts are of the view that concrete apartment buildings in India last only for 30 to 50 years compared to the expectation of 70 to 80 years. The short life span is an economic burden for not only owners and residents but to the nation as a whole.

What happens to the apartment after 100 years?

The development authority of a particular area provides land development rights to developers and sells properties for a lease of 99 years. This means that anyone who purchases a residential or commercial property will own it only for a period of 99 years, after which the ownership is given back to the landowner.

How many years do apartments last?

The normal design life for a house or an apartment is about 60 years. If it is a commercial complex the design life is about 80 to 100 years.

Is it worth buying an old apartment?

They’re deemed to be a better buy than newer builds, but you still need to be diligent when buying one. Older apartments are hot property again as buyers fret about the building quality of new builds after the well-publicised Opal and Mascot Towers debacle.

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Do apartments value after 20 years?

In conclusion, a new apartment with a price tag of 50 lakh rupees, with a 20% down payment and a loan with the bank at an average 8.5% interest rate for 20 years will end up with a price paid of over a crore rupees in total.

Is India on lease for 99 years?

India is on lease for 99 years.

What happens to apartment after 99 years?

The owner of the land can convert the property into the freehold property after the 99 years lease agreement expires, for which he has to pay certain duties and charges. The value of the leased property usually falls when the 99 years lease expires.

What happens to your flat after 99 years?

After (99 years), the flat comes back to the state, the Government redevelops the land, and builds new flats for future generations. This is the only way to recycle the land, to ensure all our descendants can buy new BTO (Build-To-Order) flats of their own.

Should I buy a 10 year old flat?

1) The age of the property should ideally range between 1 to 5 years to a maximum of 10 years. 2) Know about the reputation of the builder and the quality factor associated with his past developments. 3) Understanding the reason behind the sale will help in uncovering the problems and issues with the property, if any.