A second- home in the Indian capital Delhi has become the latest casualty of a trend that saw prices spike across the country, leaving buyers with little choice but to spend on more expensive items.
The price of second-handed shops like a couple of dozen shops and boutiques, with the price tags of secondhand furniture and kitchen appliances going up by hundreds of per cent, is one of the most expensive things that can be bought for sale in the city.
In a new trend, buyers are now going for items that are in poor condition and having poor repair records, leaving them with no choice but buy them, say experts.
A second- hand store like a shop with no visible signs, where there is a big gap in the window.
“In this era of second home prices, there are people buying items that look very nice but are in very poor condition, which is why they have to spend a lot of money on them.
This has increased the prices,” said Ajay Kumar, owner of the Second Hand Store at Rajiv Gandhi Exhibition Grounds.
This is because in the last 10 years, second- and third-hand shops have been very popular in Delhi, and it has become a popular market for buyers, who are willing to pay a premium for the items.
“The prices of second hand items are higher in Delhi than in other parts of the country.
It is a very good opportunity for people to save money and save a bit more for a first-time home purchase,” said Kumar.
It has been a trend for many years.
In the first quarter of 2020, the number of second homes in Delhi went up by more than 500 per cent from the same period last year.
It has also become a common sight for people who are not able to afford to buy a home.
First-time buyers in Delhi are now finding it hard to find a home with a good property in their price range, which has resulted in a sharp rise in the prices of items like second-heirlooms, said Gautam Singh, owner and managing director of the real estate agency Kunal Kapoor.
“The average house price in Delhi is around Rs 10 lakh, whereas a second-time buyer can afford to purchase a home for around Rs 15 lakh,” he said.
“It is a real luxury to buy an item that has an excellent property value and a good condition.”
Kumar said that a second home can cost as much as Rs 15 crore, and he believes that many buyers will spend more on items that don’t even have a working condition.
“This is not good because there are lots of people who don’t have access to decent repairs, and who are spending money on things that don�t have any real quality,” he added.
Kumar, who has been buying property for his family for years, said that the average cost of a second house in Delhi has risen by more as compared to the last quarter of last year when prices were down by over 40 per cent.
“I was buying a house at a very reasonable price, and then in one month, the prices went up to over Rs 1 crore,” he recalled.
With the rising prices, many buyers are finding it difficult to buy second homes.
A family in a second unit, which comes with a three-bedroom and three-bathroom house in the area.
Second homes are still available, but it is difficult to find them, said Kumar, who said he has not yet found a home that would fit his family.
“We are very happy with the property in our home, but I have yet to find any home that I could live in,” he explained.
“I have been looking for a second or third-home in Delhi for over 10 years.
I have tried to find it every year, but every time, the demand is much higher.”
He added that it is also difficult for sellers to keep up with demand for their products.
“A second home cannot be bought at a higher price, it is not affordable.
Even when I bought the property, I could not afford to pay Rs 2 crore.
Even with the prices that are rising, it does not make any sense for me to buy more,” said a seller, who did not want to be named.