Reliable Developer/Builder

Choosing your developer?

Firm Size / Past Track Record / Establishment time

Buying a home is a vital decision which involves considering many factors one amongst these factors being the brand you decide on to buy your house from. Although real estate is growing by leaps and bounds, you need to know there are many unprofessional builders/developers within the game. It is smart to settle on the right and ethical developer or builder. Every developer, no matter the company’s brand equity, carry distinct advantages and disadvantages.

The boom in real estate sector has tempted many small and massive companies to indulge in development hoping to get the chance for creating profits. But that has made it challenging for potential home buyers to settle on an honest builder. With the less experienced and “profit minded” players within the game, home buyers face delay, unnecessary expenditure, and other problems. Therefore, so as to form an informed home buying choice, a prospective buyer must weigh the pros and cons while selecting a real estate developer or a brand new builder

Here could be a checklist you want to bear before finalizing a true estate developer for your project-

RERA Accreditation: 

• RERA is the most preliminary and important measure to gauge credibility of developer. 
• All real estate builders and agents are mandated to register under their respective State’s administrative body. 
• RERA website bears complete details of the project progress, its litigations, and inventory details giving you proper insights about developer and the project. 
• By buying in a project by a RERA-registered builder, you’ll safeguard your investment within the event of incomplete project, delayed possession, or poor construction quality.

Check Developer Profile:

Checking profile of the developer is an essential step to finding his reliability and credibility. This can include-

ESTABLISHMENT PERIOD

A developer with an establishment of 15-50 years and a legacy name is predicted to be more reliable than a brand new player within the market. This, doesn’t mean that the new players would engage in fraudulence; however, you want to be more vigilant when investing with a new comer.

TRACK RECORD:

Having a good background and a strong financial status typically explains an organization having a good success graph. However, having a look at company’s past record can give precise picture of performance. Browse through the company’s website, read about the company on news reports, forums, press releases and property sites. Check the quality of work, infrastructure, possession time and management of your builder. Check if the builder is a member or linked with their industry association or any self-regulatory bodies. Take and read reviews of their  past clients if they’re satisfied.

FINANCIAL STABILITY:

Finances play a vital role for the success of the project. Lack of adequate funds means either they’ll delay construction or use inferior materials to hide that. Therefore, your starting investigation must cover the financial status of the development firm. 

It is not very easy to get financial details on the developer but you can make estimates by getting details of the sold and unsold inventory on RERA. To know them better, you’ll be able to visit their sites or ongoing project to test their layout, upkeep and building quality. You can check on the background and reputation of the builder online or asking the previous customers of the corporate.

Competitive Pricing: 

• A good market comparative pricing is always a win-win situation for developer and the customer. 
• Although, a branded developer always charges a brand and reliability premium. 
• Thus, purchasing a property from a developer of repute would prove dearer than that from a brand new developer or a lesser-known one.

Construction quality, Security and Modern amenities: 

Luxurious property projects usually boast of higher quality construction and well planned interiors than those offered by the newer developers within the market. Furthermore, established developers may offer warranties for the inside fixtures. Therefore, the selection is between cost and extra features while selecting a developer.

Many renowned developers have built their brand images on the type of amenities their residential housing projects. These developers confirm that the luxurious apartments built by them have state of the art amenities. Amenities offered are often proper parking zone, 24/7 security, jogging track, clubhouse, swimming pool, amphitheater etc. A reputed developer can easily gauge the necessity of the homebuyer this can be reflected in their projects.

A branded real estate player will have good security measures in their projects. If the house buyer doesn’t feel safe about the property, then he/she won’t prefer to invest in it.

Higher ROI with Easily Disposable:

The brand you decide on can add your favor if you ever wish to sell or rent your property. Even in a recession periods of property market, established developers still garner transaction on the idea of their market reputation even during a slump and their projects retain and fetch a good re-sale value. 

Investors usually have a positive outlook towards a renowned developer when it involves under-construction projects. When you choose a reputed developer then move to a bank for applying for a loan, then there are higher chances that your loan might get sanctioned. The banks have a specific amount of trust for reputed developers and buyers who invest in their properties.

Timely Project Delivery:

A responsible real estate builder finishes the project within the stipulated time frames because of his financial backings and commitment. There are many big firms which have poor records of keeping the approved schedule.After the RERA regulations in picture, it has become the primary responsibility of the for all the builder in India to complete their projects on time. But, Reputed developers have been looking into their customer receiving the possession of their flats on time from earlier itself.You can chat with previous customers of the corporate to grasp if they’re specific at delivering their projects within the approved time frames.With these above-listed checklists, you’re on the right track on finding the perfect developer/builder.