Builders and developers have played a pivotal role in the burgeoning Indian real
estate industry. Besides the well-entrenched real estate giants, a number of
smaller companies too have joined the fray in an effort to grab a share of this
lucrative pie. In such a scenario, prospective buyers often get confused about
choosing the best builder. They often choose the less experienced real estate
developer and land in a series of unfortunate consequences, with respect to the
construction of their dream home. After all, building a home is a major
investment for the lifetime, and you would not want to take chances. With the
tips given in the article, you will learn how to choose a builder.
Selecting Real Estate Developers
* Conduct a check on the background and reputation of the builder. For the
purpose, you may consult people in your locality, who have availed the services
of the builder in the recent past. Peruse the previous projects the builder has
executed.
* Ask the builder a list of the addresses of his recently build homes and
townships. This will help you learn the general idea of the builder, about
constructing homes.
* If possible, try to get information from the occupants in his previous
projects. By doing so, you would be able to know many things about the project,
such as the timeliness or delay in its completion, quality of construction,
compliance with the agreement, amenities provided by the builder etc.
* In case you get to visit a sample flat constructed by the builder, then
carefully examine the features of the home. If it is fully furnished, then take
a look at the quality of the cabinetry, carpeting, paint etc. In case if it is
not furnished, then consider the dimensions of the rooms (their size and shape)
as well as their placement.
* Make a careful examination of the prices quoted by the builder. Find out if
there are discrepancies between what is being promised in the brochures and what
is actually on the ground. It is always better to purchase a built flat than
one, which is yet to be built.
* Ask for the sanctioned plan of the project. You must ensure that the project
has been fully approved by the concerned authorities of the Government.
* Ask whether the project is rated by a credit rating agency like CRISIL, ICRA
or CARE. ISO 9000+ certified companies usually offer good quality services and
products. Check if your builder's firm is an ISO certified company.
* Ensure that the builder has obtained a 'completion certificate' and an
'occupancy certificate'. This is the proof of compliance with all local
municipal regulations. Without this, you could get into trouble at a later date.
* Speak to as many people as possible, about the builder and the project, before
signing the cheque.
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