to Choose a Builder
Builders and developers have played a pivotal role
in the burgeoning Indian real estate industry. Besides the
well-entrenched real estate giants, a number of smaller companies
too have joined the fray in an effort to grab a share of this
lucrative pie. In such a scenario, prospective buyers often get
confused about choosing the best builder. Following are some handy
tips to assess the reliability of a particular developer:
- Conduct a check on the background and
reputation of the builder as well as the projects he has
executed. If possible one should try and get information from
the occupants in his previous projects where inquiries
regarding timely possession, quality of construction,
compliance with the agreement, providing the amenities
mentioned, etc. could be made.
- Make a careful examination of the prices
quoted. Find out if there are discrepancies between what is
being promised in the brochures and what is actually on the
ground. It is always better to purchase a built flat than one
which is yet to be built.
- Ask for the sanctioned plan. You must ensure
that the project has been fully approved by the concerned
authorities of the Government.
- Ask, if the project is rated by a credit
rating agency like CRISIL, ICRA or CARE. ISO 9000+ certified
companies usually offer good quality services and products.
Check if your builder's firm is an ISO certified company.
- Ensure that the builder has obtained a
'Completion Certificate' and an 'Occupancy Certificate'. This
is the proof of compliance with all local municipal
regulations. Without this, you could get into trouble at a
- Speak to as many people as possible about the
builder and the project before signing the cheque.