New project or resale: what is different

The trade-offs between buying from a builder and buying from an owner.

A new project

You choose from plans and pay in stages, usually for a home that is not finished.

• Newer fittings and amenities, and often a payment schedule tied to construction.
• A registered project has a public record you can check and a regulator to complain to.
• The risk is delay, and a home that differs from the brochure, so read the agreement and the possession date.

A resale home

You buy what exists, from the person who lives in it.

• You can see exactly what you are buying, including the neighbours and the light.
• Possession is usually quick and the price is often negotiable.
• The risk is in the papers and the age of the building, so the documents guide matters more here. Ask for the seller's loan closure, the society no-dues letter and the full chain of deeds.

Which suits you

If you need to move soon, resale gets you in sooner. If you can wait, want a particular layout or are buying as an investment in a growing area, a new project may fit. The prices of the two in the same locality are on that locality's page on this site.

This guide is general information, not legal, tax or financial advice. Rules differ between states and change over time, so confirm the details that matter to you with a qualified professional or the authority concerned before you act.