Things to know before buying a resale flat in Pune

Pune, one of the major metropolises, has seen a remarkable transformation in the past few decades. A city with a deep history and culture, Pune is a sought-after real estate destination for families, retirees, NRIs, students and working professionals. Real estate developments have shifted from core city areas to the suburbs over the years. Localities such as Hinjewadi, Wakad, Baner, Kothrud and Kharadi see strong demand for homes, especially resale properties. Purchasing a resale flat in Pune offers homebuyers the benefit of immediate possession and better investment value. However, navigating the resale homebuying journey requires thorough checks and due diligence, given the longer ownership history and factors such as the building’s age or other hidden issues. In this article, we help homebuyers planning to purchase a resale property in Pune.

Pune resale market 2025 overview

Pune is one of the top real estate markets in India, with steady demand for homes, especially in the mid-segment. However, demand for premium housing and niche segments, such as senior living, is on the rise. While the city continues to see new launches, the resale market caters to the ever-growing demand for properties. Some of the factors that drive the high demand for properties are the growing IT hubs in the city and infrastructure expansion, such as the Pune metro, the ring road, and other projects that aim to ease connectivity between the city and far-flung areas surrounding it. In terms of pricing, Pune attracts homebuyers due to affordable property prices compared to cities like Mumbai and Bangalore.

Resale properties in Pune: Locality and price trends

The average price of residential properties in Pune ranges from Rs 8,200 to Rs 20,000 per square foot (sq ft). Resale properties are quite affordable, depending on factors such as location, property’s age, amenities and access to employment hubs.

Resale homes are available in localities within city limits and the fast-developing suburbs. Towards the western peripheries, areas such as Hinjewadi, Baner and Balewadi have a good supply of new and resale properties. There are upscale areas such as Koregaon Park and Viman Nagar, which are also hotspots for property investments. Those looking for affordable areas can consider localities such as Wagholi, Lohegaon, and Kharadi.

Why should you invest in resale properties in Pune?

Buying a resale home can be a great investment for many homebuyers, especially first-time buyers or entry-level investors. Here are some of the reasons to purchase a resale residential property:

Immediate possession: Resale houses are ready-to-move-in, unlike under-construction properties, which may take years to complete. For an investor, it can offer immediate rental opportunities.

Access to a well-established location: Resale properties are typically located in established localities, with access to social infrastructure such as schools, hospitals, and commercial areas. So, these areas may witness strong demand, ensuring a high resale value.

Transparent pricing: Buyers can physically inspect the property and compare actual transactions in the same project or locality before investing. Moreover, buyers have an advantage when negotiating prices, considering factors such as the property’s age, the seller’s urgency, etc.

Affordable rates: Resale homes are likely to be more affordable than newly launched homes of a similar type in the same locality. Additionally, GST is not applicable to them as they are ready-to-move, unlike under-construction flats.

Better property layouts: Many resale properties are larger and feature more practical layouts, especially in older or premium gated societies. This is an advantage over the new-age, high-rise apartment formats.

In a nutshell, resale homes put buyers in a better position as they can verify everything beforehand.

Things to consider before buying a resale flat in Pune

Location and connectivity

Location is a major factor to consider when assessing the property market. The presence of commercial hubs or offices and public transport, such as metro, roads, railway stations, and airports, can determine the growth potential of a specific area. Generally, resale houses are found in established areas.

In Pune, the IT-ITES corridors such as Hinjewadi in the west, Magarpatta-Hadapsar and Kharadi in the east and other emerging areas like Baner–Balewadi and Viman Nagar–Kalyani Nagar are employment hubs, attracting working professionals and families.

The availability of social infrastructure facilities is another key aspect to consider. Moreover, upcoming projects such as the Pune metro expansion and the ring road are expected to improve connectivity within the city. Resale homebuyers can benefit from tracking infrastructure developments before choosing a suitable location for property investment.

Physical property inspection

Resale properties, especially older ones, may feature outdated layouts, lifts, and potential structural issues. Such properties may bring increased maintenance costs for the buyer, which is a crucial factor to consider. Before purchasing a resale home, buyers must thoroughly inspect the property to verify the carpet area/super built-up area, check common areas and facilities, etc. They must look for structural defects such as cracks, water seepage, and plumbing conditions. It will enable buyers to negotiate prices effectively and safeguard themselves from any disappointments.

Pricing and valuation

While the resale value of properties depreciates over the years, buildings with high redevelopment potential can be profitable for buyers and investors. Buying a resale home in an established area and upgrading it can yield higher returns than investing in a brand-new property in an emerging area. Resale buyers must track the property market to identify emerging areas and predict price trends. It will help them get a fair deal by ensuring the seller’s asking price aligns with the market rate.

Legal due diligence

Checking the property’s legal status before purchasing a resale home will help prevent risks for the buyer. Since the property has had multiple owners, buyers should verify the complete ownership history. If the property has any encumbrances – unpaid dues, encroachments, disputes or claims- it is a red flag for a buyer. The resale house must have a clear title. In addition, buyers should verify necessary approvals and compliance with local regulations, including MahaRERA, if applicable.

Furthermore, if the property is part of a housing society, compliance with the by-laws and other relevant rules may be required. Buyers can reach out to the Residents’ Welfare Association (RWA) to understand such legal requirements.

Documents checklist for buying a resale property

Buyers need to check the following documents during the purchase of a resale property:

• Sale deed: The proof of the sale and transfer of ownership from the seller (or developer) to the buyer.
• Mother deed: It contains the complete ownership history and is used to confirm the property has a clear title.
• Possession letter: It is issued by the builder to the first owner of the property and is not reissued in the case of resale.
• Sale and Purchase Agreement: This agreement, signed by the buyer and seller, sets out the terms of the sale, including the agreed-upon price, property type, payment schedules, and possession dates.
• Mutation certificate: This document is issued after the change in property ownership is updated in government records.
• Encumbrance certificate (EC): It is issued by the Sub-Registrar’s Office and confirms that the property is free from mortgages, liens, legal claims, or disputes.
• Occupancy/completion certificate: The document certifies that the structure has been constructed in accordance with the approved plans and is legally fit for occupation.
• Building Approval Plan: Required to confirm whether the property was constructed in compliance with building by-laws and other regulations.
• Society NOC: An NOC from the housing society may be mandatory to purchase a resale flat.
• Documents in case of mortgaged property: If there is an ongoing loan on the property, the current owner must give an undertaking to the bank that they have agreed to give property documents to the buyer upon the home loan foreclosure.
• RERA registration details (if applicable): Buyers must check the project’s RERA details on the Maharashtra RERA website.
• Property tax receipts and utility bills: Buyers must request these documents from the seller to ensure there are no outstanding dues.

How to buy a resale flat in Pune?

• Shortlisting and booking: Buying a resale home starts with house hunting and booking after a physical inspection and verification of preliminary details.
• Document verification: In the next stage, buyers should scrutinise property documents, including title and EC verification. At this stage, they can hire a property lawyer for assistance.
• Sale agreement: The buyer and seller must sign the sale agreement after negotiating the price and discussing the terms. Typically, the buyer pays a token amount of money to confirm the deal.
• Apply for a home loan: Most banks and financial institutions offer home loans for resale homes and approve the amount after thorough due diligence. Buyers should compare different home loan interest rates to get the best offers.
• Register the sale deed: The buyer, seller, and witnesses must visit the sub-registrar’s office to register the sale deed. Buyers can visit the IGR Maharashtra’s website to know the latest stamp duty and registration charges.
• Property mutation: After the registration, buyers must apply for property mutation to update the title in municipal records.

Housing.com POV

Purchasing a resale property can be a smart move for a property investor or a first-time homebuyer. However, it may involve additional legal checks, such as verifying the title chain and society conveyance status, as well as complex processes, such as structural upgrades, if necessary. This is crucial for buyers in order to minimise their risks. Having a sound understanding of the homebuying process, local regulations and sanctioning authorities may help the buyer avoid common pitfalls or delays. Pune’s real estate market is booming, driven by consistent demand around employment hubs. Investing in a resale home in the right location can fetch higher returns for the buyer.

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