Although real estate is booming in India, do you know that many people are falling in real estate traps and loose their hard earned money due to false promise from builders. Real estate scams in India are happening very frequently as people are seeking to buying their first flat without doing much research. So what are the things to keep in mind while buying a flat or house?
If you are ready to buy your dream home, then you should spend quite some time to research about your property, your builder and many more things. Mostly people are preferring to buy a flat in a Gated community or standalone apartments. Cities like Bangalore, Mumbai, Pune, Hyderabad, Chennai, Delhi, Gurgaon and others are growing with number of such properties from various popular builders and also from many new comers. But how to choose a builder for your house who will not break your trust?
Many builders are promising many things while promoting the project to attract customers, but at the time of delivery very few projects are able to get completed on time. Not only that, you may discover there are very less amenities available or the flat is not exactly what you were shown at the time of booking etc. Then how to find a builder you can trust?
How to Trust a Builder While Buying a Flat
Buying a flat for the first time is a very emotional decision of a family, at least for myself as I have not bought the flat for investment purpose. So, I took enough time to know about the property, the builder and the locality before deciding where to buy a flat. From my experience, let me share few useful tips to choose a builder.
1. Are you buying from a premium real estate builder? Reputation plays the most important role when you choose a residential project. But mostly people avoid them to save money. Generally you will find a significant price difference in the same locality. E.g. If you are in Bangalore then you would know that Prestige group are one of the most famous real estate developers in Bangalore. Similarly Aparna in Hyderabad, Bengal Greenfield in Kolkata. Now in the same locality if you buy a 2 BHK flat from any of these premium builders, you will find that the cost difference is 5-10 lakh or even more.
In this scenario many people opt for the other option to save that money. It is good to save money, but here you should know where you are putting your money when you don’t choose a premium real estate builder.
2. How many quality projects they build? When you are looking to buy a flat from non-premium real estate builders of your city, you should find out how many residential projects or commercial projects they have already developed. Try to find out the development cycle of those completed projects, any sort of issues happened. Or if you can visit any of the projects to explore a flat, then you could know what are the problems residents are facing from construction & amenities point of view.
They might promote their new projects with many amenities, but are they able to fulfill the promises they made already with the old buyers?
3. Do they have proper office space set up? In the age of internet, it is very easy to list your property online from various property search websites. On paper every builder showcase the project with high visual design, locality & pictures. But in reality it will not be like that.
Contact the builder by visiting their office and check how big or established builder they are. With the way of seriousness and proper process they the client, you would get an idea about the builder.
4. Is the builder’s project approved by any Bank? This is one of the key parameter to choose a real estate project. If your property is approved by any bank say SBI, IDBI etc then you can say that Bank has trust on that builder. You can visit the bank and ask your query to know more about the builder.
5. Did you hire a lawyer to cross verify your property? Although Banks might approve a builder, but there could be exception as well. It is always better to hire a lawyer and ask him to verify the land, property, builder etc. to clarify whether any dispute or bad record in past was there in the past. Many people skip that part to save money.
So these are the things to keep in mind when buying a house or flat. Buying a flat is one of the biggest expenditure of any individual. When you are ready to spend 50+ lakh for your dream home, then don’t hesitate to spend some more money to be with a secure, trust worthy builder, to hire a lawyer or to go for some extra verification. If something wrong happens, your frustration to deal with such cases will cost you more than your saved money. Hope this checklist before buying a flat will be useful while buying your first flat. 🙂