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Before buying a flat, one of the most important factors to consider is the builder’s reputation. A better reputation would mean that the risk associated with purchasing the flat is lower.
There are many ways to check the reputation of a builder. One way, which is the easiest way, is referrals by word of mouth. One can get honest, first-hand details about a builder who has worked previously with family or friends. Reviews from trustworthy people are reliable, and you can make sure you are choosing the right builder.
Another way to verify a builder’s reputation is by conducting a background check. Several websites provide lists of good builders and have a lot of reviews about their previous work. You could also visit or research projects they have completed, visit offices, and verify their phone number. The builder may also provide you with the contact details of customers who have used their company/ services before getting a reference. Another essential thing to do when conducting a background check is that the builder belongs to a respected trade organization or buildersassociation. Examples of these are the Builders’ Association of India (BAI) and Confederation of Real Estate Developers Association of India (CREDAI). Such organizations will ensure that the builder follows specific rules and laws that need to be followed and make an ethical code of conduct mandatory for all members. Furthermore, these associations make it easier to get approvals and financing due to having close relations with financial institutions.
Quality Assurance is also vital when researching about the builder. You must ensure that the project has been fully approved by all the Government authorities concerned before investing or signing any agreements with the builder. ISO 9000+ certified companies are reliable and are likely to offer good quality products and services. The builder should give you a guarantee for at least a few years against any possible construction defects
As a buyer, you must only select a builder after verifying their credentials, track record, and receiving enough feedback from banks or home loan lenders about their past projects. It is also essential to ensure that you get everything from the builder (guarantees, documentation, offers, etc.) in writing before signing any agreements or contracts. Once you have signed, you are liable to follow the contract.
One also needs to know about their rights before buying a flat from a builder. All buyers are owed compensation for any delayed possession of a property if the builder has delayed the project using funds to acquire any more land for projects or simply not executing the project in time according to the agreements made. If a builder makes excuses to pay the penalty for damaged or delayed possession, it should be taken to the consumer court.
Another thing to know is that if a builder does not have liability insurance, the buyer will have to pay compensation for any damage or accidents during the construction of your flat. So, it is crucial to make sure that the builder you choose has liability insurance.
Once you have considered all these factors, you can go ahead with buying the flat, knowing that you have minimized your risk and you are making a safe purchase or investment.