Selecting the right builder is half the work done while buying a property. However, buyers often tend to overlook this factor as budget and location top of their checklist.
However, unless one is a seasoned investor, it is quite easy to fall for the glossy brochures, sweet-sales talks, and snazzy model projects. This is because we often don’t ask the right questions. Can this builder deliver what I want? Has he completed his past projects on time? Does he build a quality product?
To assist you in buying, we have made a simple guide that can help you select the right builder.
- Find a builder that matches your preferences:
There are builders who specialize in affordable while some are known for their luxurious abodes. Determining the builders that offer projects that are within your budget can help you make the most of your property deal.
Also, figure out how much area you need. Create a budget based on these needs, and search for builders who make in your budget.
- Search for a builder with the right experience:
Search for builders who have experience in the property type you are looking for. Always remember that different builders have different strengths. Choose yours accordingly!
How to find one? It’s simple.
- Check if the projects by the builder are listed with the real estate regulatory authority. Just log in to your respective state’s RERA website and check the list of approved projects.
- You can also look for ISO-certification, which is usually displayed on builder websites.
- Check if the project has any ratings such as CRISIL or CARE for added credibility.
- Another measure of a builder’s reputation is an association with known real Estates bodies like the Confederation of Real Estate Developers Association of India (CREDAI) and the Builder Association of India (BAI). Members of these groups are liable to reply to their association in case of any disputes or complaints.
- Background and reputation check:
Check for builder reviews and completed projects on popular real estate forums. Additionally, you can also post your queries there.
The suggestions and opinions of your friends and relatives should also be considered.
Once you are comfortable with all these aspects, you must ask the builder for the sanctioned plan of the project that you are considering. It is recommended that you get this plan and other documents checked by a lawyer before you go ahead and sign on the dotted lines.
- Do your homework:
Get off your couch and visit some of the past projects of the builder. It will give you get a fair idea of the construction quality.
- Pick a builder who makes your life easier:
Always select builders that provide services beyond the project’s completion. For instance, a builder should maintain the project for a few years after completion and then transfer the maintenance to the society elected by the residents.
Also, in case you want to sell the project or put it up for rent, the builder should help you connect with potential buyers and tenants.
- Grading system for builders:
In the real estate sector, renowned builders are often termed as ‘A-grade.’ However, this is an unofficial grading structure. While these grades do serve as a tool for buyers, it should not be the sole criteria impacting your decision.
Instead, you can check builder ratings in ICRA, an Independent Credit Ratings Agency to get a fair idea.
Keep these six points in mind, and you will find the right builder in no time. It is essential to go that extra mile to ensure that you do not fall into the trap of builders who indulge in unfair business practices.