New Delhi : Being an owner of a house is the individual dream of a common man and it's not an easy work to make that turn into reality. There are many developers and enormous number of projects which are observable on way, however, selecting a house, flat, or an apartment can be tricky and one must be cautious while making the deal as it includes a big sum of money. Selecting a house requires a lot of research on requirement, project offers, verification of developer and correct project.
Many developers today provide projects in highly developed and under development areas. They also offer ample amenities and benefits like play area, parking, conventions, park, and design to attract the home seekers. But before gazing into the correct location, services, benefits, finance, and specification it is important to find the correct builder and correct project. The first step for any prospective home buyer should be to search for the correct developer who can give the invested money a better value. If caught with a rogue developer home buyers can face tricky situation where they might be demanding paying a little more money after the completion of project, taking full money and cheating the customer without returns, delivering low quality project, late delivery from the date, and not entirely completing the project. Investment in Real Estate is generally one of the biggest achievements in any individual's life. But before one can actually settle in, a buyer needs to keep in mind certain things, so as to ensure that they are striking the right deal. Be very careful about the credibility of the builder.
Investigating and deciding about the past records and credentials of a builder is not an easy job, however, not an impossible one as well. There are many mediums and sites which gives information about different developers and their projects. It is essential to find the popularity of the builder, check their project span and quality of their projects, reputations, and user reviews about the developer.
Word of Mouth :
This is the easiest way to get details and know how about the reputation of a builder. If any builder has recently done some work for your colleagues, family friends etc then they will surely be in a position to share their experiences. This is absolutely unbiased information that no broker can provide. Home buyers must always rely on word of mouth.
Project Quality :
It is very important to check the quality of the projects the builder has built in the past. This gives the buyer a clear understanding of the standard of the builder, the kind of materials he uses, the quality standards, type of projects they look into, complaints about their projects, and their market name. All these can be known from news papers, online sites, and people who already know about the developer with their experience.
Reputation and Background Check :
It's imperative to conduct a check on the background and reputation of the builder. A buyer can get a list of builders from websites or the local newspaper. A detailed research on projects that the builder has completed should also be verified, the best source for this are the residents that are already residing in projects that are past the stage of possession. A list of ongoing projects and future projects should also be prepared.
Builders Association with Different Organizing Bodies :
There are many such organizations or associations such as Builders Association of India (BAI), Confederation of Real Estate Developers Association of India (CREDAI) which provides an ethical code of conduct which is mandatory to follow for all the member builders and developers. It lays down certain rules that need to be followed by all builders or members and anyone who defaults or violates the rules are listed in list of blacklisted companies. Home buyers can rely on builders that are part of these bodies.
Blueprint and Plan :
The buyer must ensure that the project has been fully approved by the concerned authorities of the Government before deciding to invest or sign the agreement. ISO 9000+ certified companies usually offer good quality services and products. It is necessary to check whether the builder's firm is an ISO certified company. A home buyer must ensure that the builder gives a guarantee for at least a couple of years against construction defects.
Real estate is a highly regulated sector and with a production cycle of five years from land acquisition to the project delivery, these delays are at times uncontrollable. However if the delay is from the builders end then he must pay compensation for delayed possession which must be mentioned in the agreement.
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