Choosing the right builder is very important for anyone investing in real estate, as a property investment is the most crucial financial decision in the lives of most people. As much as you would want to pick the perfect home that suits your needs, it is also important to choose the right builder who will get that home constructed for you. With increase in demand for residential properties in the city, fraud or unfair trade practices of the real estate developers are also increasing. According to reports, more than 70 percent of property buyers in India are sulking with the unfair trade practices and one in three, have either filed a case in consumer court or are planning to do so against the developer.
With myriad builders in the Indian realty market, making the right choice can get a little confusing, especially for those who are buying their first property in India.
Here are a few essential checks before finalizing the deal with builder:
- Check Builder’s Reputation: Real estate is booming and there is an increase in number of builders or developers in the city. The first and most important step is to make a good research on your builder’s reputation in the market and his previous projects before sealing the deal. This is something that you have to do yourself. A very smart and easy way to check builder’s reputation is to check the builder’s reviews on popular online real estate forums, blogs, news reports, property sites, etc. Also, visit the builder’s completed projects and get customers feedback on the work and services delivered by the builder. ISO 9000+ certified companies usually offer good quality services and products. Check if your builder’s firm is an ISO certified company.
Check For Legal Approvals And Certifications: Almost all renowned builders possess an ISO 9001:2008 certification. It is highly recommended to deal with an ISO 9001:2008 audited and certified builder as they are more professional in their approach. Similarly, you must check all other certifications and legal approvals that the builder possesses, and then determine on the best possible option.
Builder’s Association: A renowned builder will undoubtedly be a member of some industry association like Builder’s Association Of India (BAI), Confederation Of Real Estate Developers Association Of India (CREDAI) etc. These are in a way self-regulatory bodies and provides an ethical code of conduct which is mandatory to follow for all the member builders. Also, easy financial assistance can also be acquired as they have good links with many financial institutions.
Reliability: The important factor while choosing a builder is the reliability that it offers. It is essential to check the credibility of the builder by looking at the success rate of past projects, discussing ownership experience with existing customers and then making a wise decision. It is also important to check whether delivery timelines have been met by the developers, and how often have they been able to do so.
Financial Stability: Is the company over-leveraged? Find out about builder’s cash flow and debt levels. If the business is carrying too much debt and is unable to pay back their loans, delete the project from your list immediately.
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