Buying a house is one of the most important decisions in a person’s life. There are lot of factors which influence the decision of buying the property. We have prepared a checklist for buying property. Another factor which often determines whether an individual goes ahead with the transaction or not is the reputation and credibility of the developer.
There is often a difference between the expectations of the homebuyers and the actual house they get. This is often because of a lack of transparency on the part of the developer. There can be discrepancies in the area, finishing, amenities etc. These factors make it important to choose a property developed by a credible developer. Here are a few factors which can help decide the credibility of a developer.
1) RERA Compliance
The Real Estate Regulatory Act has been an important milestone for the Real Estate Sector. It has brought in some much-needed measures and given the consumers guidelines to ensure their investments are secured. Buyers should ensure that the projects they are considering are registered with RERA. They should also check that other under constructions projects of the developer are also registered with RERA.
2) Track Record
The track record of a developer is a good way to get an idea of the project you are looking at will develop. It gives an idea of the credibility and nature of work of the developer. One should check that the developer does not have projects which have not been completed or where construction has been stalled. It is important to not get influenced only by the advertising campaigns being done by the developer. The recency effect is an important parameter as it is an indicator of the current workings of the developer.
3) Financing Options
If buyers are looking at home loan options from Banks and NBFCs, they need to check if the project has been approved by various financial institutions. Incase the projects are in the process of getting approvals, buyers can check on the documentation process to ensure that all criterion have been met. Reputed builders whose projects have met all compliances will generally not have any issues with Financial Institutions and buyer will find it easy to get loans against these properties.
4) Inventory with the Developer
The inventory available with the developer in his existing projects is a good indicator of the response his projects have received in the market. If the developer’s inventory is higher than the industry average of that area, it is a cause of concern. You should research into checking why the developer has such high inventory.
5) Amenities and Infrastructure
Many projects have not been able to deliver on the amenities and infrastructure that were promised at launch. Buyers should be able to check on developers of such projects. There are many developers who have built their reputation on ensuring that they have provided world-class infrastructure and amenities in their projects.
6) Customer Feedback / Complaints
A search on the internet often helps find reviews or feedback on developers and their projects. Developers who have mostly negative comments should be avoided. A credible developer will always have more positive reviews than negative ones. Buyers can also take an informed decision based on speaking to existing customers and getting their feedback.
At QVC Realty, we believe the customer is paramount. All our projects have been completed on time and compliant with all regulatory requirements.