If planning to buy a property or investing in a new home or office space, this will have an impact on our financial growth. So, for this, we should be very cautious before dealing with any builder or investing in any project. There are many views and options shared by many people online about the same that is, what all things should be kept in mind before going for an investment. I have collected few which I'll share in this blog.
(1) Check the Designs & Layouts
Always check the design and layouts, whether it actually fulfill our requirements. Not only this, check all the offered amenities and try to judge whether it's actually possible in that area of land after construction. Check proximity distance from all key locations mentioned are actually true or not. This will help to judge the professionalism of builder and the quality which we can expect from the builder.
As I said, We should be very cautious before investing in Real estate projects.
(2) Online Search
In today's digital world Internet play a very important role in everybody's life. Here one can search for anything and get the details for the product or services he is looking for. So we can also use this to know about the builder by searching his past, good & bad reviews about the builder, his delivered or undelivered projects, Other under construction projects etc..Online discussion forums are also available where we can get in touch with those buyers or investors who had already dealt with that builder.
(3) Field Search
Now after checking all online resources we should use some of our mechanical energy and go for a Field research to check the actual facts. We can visit the builder's existing projects and check out the constructions he already delivered. Talk to those buyers and share their experience with the builder and the homes he constructed for them.
NOt only that we should also check the area where we are going to invest and talk to near by dealers about the Builder's Reputation. And also try to contact few buyers who already invested in the same Project.
(4) Legal Approval and Quality Certificate Verification
In today's date, its mandatory for all builder's to possess an ISO certification before starting construction. One should always look for such document for confirmation that the builder has been allowed for such development. Similarly, one should also check all other legal documents present with the builder regarding the project. One more thing Never forgets to check/verify the blue print of the project plan and other details which had been approved by the authorities.
(5) Reality Star Rating
Check builder's rating with CREST (Crisil Real Estate Star Ratings), of a project and know about the builder reputation. CREST rates developers on the basis of the quality standards maintained in the previously delivered projects and the completion timelines. similarly, One can also check the CREDAI (The Confederation of Real Estate Developer's Associations of India) website, whether the builder has registered in it.
(6) Financial condition
It sounds little odd, but we should not leave any step for confirming the reputation of the Builder. If the builder is trust worthy and professional he will himself share the profit & loss statements of past 2, 3 years with the buyer on their demand.We can also check the consumer complaint forums to verify that the builder is not running with any legal matter and if any cases are pending.