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Builders/Developers are those who create the property. They are the most important part of the real estate sector, since they build the properties. With the construction industry booming, a number of builders have appeared in the scenario. Often, buyers are confused about how to choose the best builder. Here are some handy tips to help the property buyers.
When you wish to purchase a property developed by a builder, you need to keep the following in mind:
- At first, check the background and reputation of the builder. One of the ways to do this is to make a list of all the projects developed by the builder and do a check. You could get this information from the Website of the builder itself. In all probability, you may know somebody who has already purchased a property from one of these projects.
- Look into the prices quoted. There could be variations, depending on the specifications. Find out 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. You must ensure that the project has been fully approved by the concerned authorities of the Government.
- Ensure for earthquake-resistant design of the building. There could be construction defects which get detected only at a later date. Ensure that the builder gives you a guarantee for at least a couple of years against construction defects.
- Ask, if 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.
- Check the water connection. No property can go for long, as a `stand alone` one. For long-term sustainability, you need to have municipal water connection. The tube wells may dry up sooner than expected.
- 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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