Now a days both investors and end users are investing more and more money in real estate without doing much of homework. This is the result of current boom in property market. Many fresh builders or property developers get attracted by the prospects of high profitability and enter real estate market which, although for buyers means more choice but also creates a dilemma regarding the credibility of the property.
So if you are planning to purchase property in any sector, you need to keep the following tips in mind to avoid any future hassles and confusions.
Purchase that property that has been built by a reputed and known builder even though if it means shelling few extra rupees. This will save you from future dangers and liabilities. The building material can be of spurious quality or there may be construction defects. That means you would be skating on thin ice if you buy from an inexperienced or less reputed builder.
Be clear with details regarding the background and repute of the builder to ensure future safety and peace of mind.
If you plan to buy property constructed by a new builder in the market then make sure that the project is on superior location with good stipulation and offering attractive price.
You need to be sure of two things. Firstly that his company is an ISO certified and 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.
You need to be aware of the gap between primary and secondary market prices of the project. The primary market price is what you pay a builder to buy property in a project and secondary market price the price at which you buy property in project from a previous buyer.
When you buying property built by an already well known builder then you can visit their existing projects and see what they have delivered in past. But with new ones you should at least be aware of their financial strength and enquire if their ventures have been successful.
Check out that if the builder under whose project you buying property has the much strength to face a financial crisis or not.
In case of a totally new builder, it is advisable to purchase a built property rather than one that is yet to be built.
Be careful if you are investing in pre- launch sale by a new builder even if he is offering a magnetic discount.
Find out if the builder's project is on the pre- approved list of the bank.
You need to check the prices quoted and enquire from reputed real estate agents to verify.
Inquire if the building is under the earth quake resistant design.
Ensure that the project has been fully approved by the concerned authorities. It should not come under unaut horized property. You need to check the sanction plan and also find out about the permitted coverage and Floor Area Ratio (F.A.R) of the property.
Project must be in compliance with all local municipalities. For this you need to ensure whether the builder has obtained a 'Completion Certificate' and the 'Occupation Certificate" which is the proof that it is under the observance of all local municipalities.
As corruption rooting in all areas, remember that there could be construction defects that are discovered or detected later. Hence make sure that builder gives you a guarantee against the construction defects at least for the first year.
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