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.
Following are some handy tips to assess the reliability of a particular
developer:
- Conduct a check on the background and reputation of the builder
as well as the projects he has executed. If possible one should try
and get information from the occupants in his previous projects
where inquiries regarding timely possession, quality of
construction, compliance with the agreement, providing the amenities
mentioned, etc. could be made.
- Make a careful examination of the prices quoted. 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. You must ensure that the project has
been fully approved by the concerned authorities of the Government.
- 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.
- 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.
