There are different types of projects like affordable home, luxury projects, semi-luxury, etc. Some projects can be started in upscale areas of the city and some on the outskirts of the city. Therefore, before choosing a builder and his projects, it is necessary to make a list of your needs and the type of property you plan to buy. This will help you define your property search criteria.
Budget : A builder or a developer would be faced with several types of projects at the same time. Knowing the budget helps you choose the property that suits your budget. After adding up all of their monthly income and subtracting any outstanding debt, a home buyer can get a rough idea of how much they can afford to spend each month on housing costs. You absolutely need to prioritize your wants and needs, so that you know exactly what you want and how to get it.
Right Community: Those with young children or those who are elderly and live alone can opt for a gated community where some security is guaranteed. Those with a more comfortable and relaxed lifestyle may think that a townhouse or villa is best for them. The community in which your home is built should adapt to your lifestyle and needs.
Resale Value: There may come a time when you have to sell the house for reasons like you have to move out or if you get a good raise and want to buy a bigger house. Pick a home that's in a location that others might want too. Know the top home buyers in your area and the features that are in demand. Don't personalize your home to the point of creating barriers to future sales.
Reputation of Builders: The real estate industry is booming and there is an increase in the number of builders or developers in the city. Do a good research on your builder and his previous designs before deciding to buy. If you are new to real estate or don't know how to invest or buy a property, you should seek expert advice. Visit the buildings or projects they have completed and get customer feedback on the builder. ISO 9000+ certified companies generally offer good quality products and services. Check if your builder's company is an ISO certified company.
Builder Association: Builders and developers form an association or organization to establish a healthy and friendly relationship between customer, contractor and end users, so that all construction projects are completed without overburdening time and costs. costs. The association would have a code of conduct for its members. If it turns out that a member violates the code, the association will add these constructors to the blacklist or terminate the member's membership. Before choosing a builder, make sure that the builder or developer is a member of the builders association. There are many organizations or associations such as Builders Association of India (BAI), Confederation of Real Estate Developers Association of India (CREDAI) ... etc. which provides an ethical code of conduct that is mandatory for all member builders and developers to follow.
Indemnification Clause: Builders have a contractual clause that guarantees buyers daily damages for late possession, but few, if any, buyers invoke it. This is a rare case where daily damages have been requested and awarded. Make sure your builder is prepared to pay compensation if the project is late.
Relinquishment of a housing project: According to the National Consumer Commission, a buyer has the right to relinquish a housing project if there is a delay in the delivery of possession of the house by the property developer. The buyer is also entitled to a full refund with reasonable interest and any deduction from the amount is unwarranted.
Background Check: Background checks of builders are essential, even the best builders can make mistakes. Make sure your builder has the history of successful projects in your city.
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