You may spend months to research about your dream home you found recently. Before making a buying decision ensure to check builder’s reputation that they have financial stability and capacity to deliver your home on time.
When Mr. Kumar (32), a IT professional who started home searching a year ago, everyone around him gave an advice to check the builder’s reputation and his trustworthy before booking the apartment. People in India sometimes get heavily influenced by what their friends and relatives have to say on buying a new home. However, how does Kumar check the builder’s genuinity and credibility? How can he ensure his home delivered as promised?
Like Kumar if you are struck in judging builder’s reputation and competence, We are here to assist you. We will explain the kind of checks you should make to make an informed decision and be confident about your purchase.
Focus on Track Record
Buying a property is one of the most important decision taken by an Individual as it involves huge investment. But many developer often mislead buyers with false promises. Faulty practises like loan defaults and improper fund allocation left various developers and builders in debt, leading to their projects standstill.
Those who end up buying with such builders face a financial and legal crisis. So it is very important to check the track record of the developers.
Parameters to check builder’s reputation:
If you are planning to purchase a property anytime soon here is some points to carry out your fact-checking about builder’s reputation:
- Make sure that the project is RERA Registered (Read What is RERA and What are the benefits).
- Check if the builder has the legal title of the land. And the land free of all encumbrances.
- Ensure that the dimensions of the house you buy matches with the data provided in RERA Website.
- Find out if any complaint is registered against builder or the particular project in different forums.
- Personally visit the site and check the status and construction progress. It’s better to enquire people who stay near the project.
- Check the construction schedule and date of completion mentioned as per RERA matches.
- Check if the builder’s previous projects has been delivered on time or if there is any delay understand the reason behind it.
- Check for the Reviews in Propryte.com to understand what people like you thinks and experienced.
Do’s and Don’ts:
- Read the agreement draft thoroughly before signing on the dotted line.
- Go with a builder who chose to be transparent and provides sufficient data without covering up.
- Understand the track record of the builder by visiting his previous projects.
- Check the list of banks and financial institutes funding the project.
- Avoid buying with new builders unless you know them personally as there is more chances of default.
Overall you must spend optimum time to understand the developer and project and thereafter make a buying decsion.
In short you can trust your builder if he is RERA registered. He has completed the previous projects on time without facing any poor quality complaints. And he has received all necessary approvals. Once you’ve officially bought the property, pat yourself on the back for your hard work you’ve put to find the right property (How to find the right property in 6 steps), and feel confident that you’ve made the right choice for your family because you took the time to get the buying process right. It’s time to party in your new home.
We understand the property buying decision is a milestone and spend time to make it right is nothing wrong. Hopefully, This article will help you in clearing your vision and to take the right decision.