Mr. Anuj Srivastava booked an under constructed flat in 2014. He was promised to receive the keys by 2016 end. He is still waiting for his home. There are many people like Mr. Anuj who are yet to receive the keys of their dream homes and are paying both Rent and EMI simultaneously.
Buying a home is a major decision in one’s life and here lies the importance of a reliable real estate developer. A transaction which might involve savings worth your life requires careful precautions. It is, therefore, necessary to carry a thorough research before liaising with a real estate developer. Let us help you in this regard with the following tips –
- Background Check: It is vital to keep a tab of the developers’ construction updates, their presence on social media, customers’ testimonials etc. Successful developers have projects that can vouch for their timeliness and effectiveness. Even visiting an under construction site gives you an accurate picture. Make sense!
- Financial Security: It is imperative to find out about the financial stability of your real estate developer. A financially secure developer will deliver the project on time, use correct construction materials and would not raise any surprise charges. Post R.E.R.A, it is likely real estate brands will maintain 70% of the money for the project in a special escrow account.
- Timeliness: It is preferred to engage a real estate developer who adheres to a strict schedule and completes the project in the prospective timeline.
- Network: A robust real estate player would have established connections and network with architects, engineers, brokers, attorneys, bankers and equity sources. A healthy network of professionals is a sure sign of a successful project. It also provides a level of guarantee and assertion to the project.
- Legally Prepared: For a reputable and established developer, it is perhaps a day to day affair to sign deals and agreements with their clients. Therefore, one needs to keep a check on whether the developer is missing out on any necessary legal documents or not. All records in regards to the land title, authority, commencement of construction, building plan approvals etc. should be available and provided by the real estate developer.
- Pricing: Since the amount involved in a real estate transaction is on the higher side, one needs to be careful especially with the offered price quotes. A low-price quote might seem quite lucrative, but it is advisable to check all the factors. In case the provided quotes are dramatically below the market price, one should investigate into the reasons underlying behind it. Before making anything formal, one should also discuss all the charges with their developers on the spot.
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