Now day’s builders are using all means to push sales in the market by announcing projects with catchy tag lines and celebrities endorsing it. Different payment plans are offered to lure property buyers. However, very less attention is paid to complete the project on time with the promised quality.
Ankit Jain, director, Nirmaan Associates, said buyer’s need to check some important points before choosing a project or a developer:
Builder’s Profile: Builder’s qualification and experience in the real estate industry is the first thing to enquire about. Check the builder’s official website, not only for designs and colors but the information they have put about themselves – the experience and qualification of the management team.
Track record:Check the past project performance of the builder and see if the project has “Completion Certificate”. This ensures the project is in line with the government norms.
Project approvals: Check if the project has all legal approvals and NOC’s from related regulatory authorities. Find if the project land is registered with the builder and if he has all necessary sanctions generated with clear information on approved FAR. You also need to know if the sewage, water connection and electricity sanctions have been obtained.
Credit ratings: Check whether the project is rated by any credit rating agency. Generally, agencies give ratings after detailed survey and due diligence of the project.
Besides the points mentioned above, property buyers should also do small checks on the following:
Low price property: If you find a property at very low price compared to the property next to it, one should double check on such a project. Check the property title, location (for instance dumping ground proposed next to your project) etc.
Hire an agent: It is always good to have an agent by your side not just for discounts and services, but also for support in case of any dispute with the builder. They should also keep you updated about your investment.
Builder-Buyer Agreement: Read the agreement carefully – check if there is any price escalation clause, any penalty mentioned for delayed possession or any possibility of changes in layout or specifications of units allotted.
Consumer forum: Today, the most convenient way of searching in this e-world is internet. Search on consumer forums and ask people if there is any complaint regarding the builder.
Source: Times of India Magic Bricks