With more and more builders setting their footprints in the Indian real estate market, we as prospective buyers find ourselves in a dilemma when it comes to choosing the right builder with the right project.
Firstly, Choose The Right Budget.
Since there is a plethora of housing unit options in the market such as luxury homes, ultra luxury homes etc., it is advisable that you first decide your budget and accordingly the type of property you can afford. Once you have identified a few prospective homes is when your work really starts. You will most likely be presented with a varied choice of builders, some unheard of, some relatively new and some established names. It is not entirely right to believe that an established builder is always a right choice. A smaller builder would have created his reputation for his quintessential constructions and business practices whereas a well-established builder would have endured in the market for decades together.
Do Your Own Research.
The foremost step in choosing a good builder is to do your own research. Read more on the builder and his upcoming, past and ongoing projects by visiting the builder?s website. Read reviews about the builder online and ask your acquaintances to find out more about the builder, ideally visit some of his older projects too. When you visit the builder?s past projects, ask the occupants about the pros and cons of the project. Also ask them about the quality of the project, the time taken for the project completion, the project?s compliance with the norms, the project price, the amenities/ specifications offered, the paperwork, etc.
Meet The Builder.
It is very important to meet the builder team personally. Telephonic conversations can only be a start. Ask him about his construction practices and techniques. Ask the builder whether a construction site manager will be appointed? In cases of small or new builders, you may consider visiting the builder?s office more than once to know if he is an authentic builder.
Visit The Project Site.
It is very important to not solely rely on the glossy brochures, instead visit the project yourself and avoid buying a soft launch property. Compare the rates quoted by the builder with other project rates. Consider factors such as its location, its proximity, and other important factors while comparing the project price.
Builder Credibility.
Look for builders who are rated by agencies such as CRISIL, ICRA, ISO etc. for their superior quality of services. Ensure that the builder follows all the bye laws implied by CREDAI. Ensure that the builder is a member of the builder?s association and follows the code of conduct to maintain cordial relations with his customers. Look up online consumer complaint forums to know about complaints against the builder, if any, and get to know how effective he is in handling customer complaints.
Check The Legal Aspects Of The Offer.
Check if your builder has a compensation clause and what it entails. This clause helps you in claiming the daily damages in case of delayed possession. Check if your builder will allow you to end the deal midway in case of a delayed possession (as per the National Consumer Commission). In such cases, the buyer is entitled to a full refund followed by reasonable interest rates, without any deductions. Check if your builder has a liability insurance so you do not have to pay compensation for accidents or injuries that occur at the time of construction.
And Most Importantly, Check All The Documents.
It is mandatory to check if the builder has obtained a building sanction plan, allotment letter, clear titles(from the land owner), Completion Certificate, Development Agreement, Occupancy Certificate etc. to ensure that the builder and his project are in compliance with all the government rules and regulations. You can always hire professional legal opinion services to peruse all the legal documents and know the history of the land the project is built on. In cases of Joint Development Ventures, ensure that the builder has the authority to sell the property on behalf of the land owner, check the POA (Power of Attorney) and authenticate it in the government records.