Whether you are a family man looking to buy 2 BHK flats/apartments in Chandivali or looking to invest in residential projects in Chandivali, it is super important to conduct thorough research for finding the right property developer.
Just having the money to buy the flat or apartment won’t cut it. There are hundreds of things to consider before buying a property. You need to do proper research about the area, available facilities, as well as all the necessary legal papers. But most importantly, you should research the developer as they are the ones selling you the property.
With this in mind, we have put together a list of few tips to find the right property developer while buying a house. Buying a flat from a reputed and trusted developer will help streamline the process, and remove any legal and technical worries.
So without further ado, let’s get started.
1. Get to Know The Developer Personally
Buying a new property involves a lot of your hard-earned money. As such, don’t just listen to what people have to say about the property developer. Instead, it would be wise and practical to form your own opinion.
Try to get a one-on-one meeting with the developer. However, that won’t be possible if you are dealing with a high-profile individual or a company. In this case, visit their website and go through their About Us page or talk to their executives.
You need to form an informed opinion about the developer to make the right judgment. As such, if you are purchasing land or an apartment from a company, make sure to do thorough homework on them and talk with their salesperson to resolve all your doubts and questions.
The key is to look out for inconsistencies in their narrative. This means they are lying and trying to hide something. You don’t want to do business with people who you can’t trust, especially when it involves so much money.
2. Follow The Developer Track Record
Once you have established a personal profile about the developer and feel comfortable doing business with them, it is time to do some digging about their past work and projects.
Working with an honest person doesn’t automatically mean the work they deliver is good or up to par. As such, to ensure the quality, you need to go through the developer’s previous projects. Secondly, study their portfolio and track record. This should give you a very good idea of what to expect from the developer.
The main things you should look out for includes;
- The time-frame in which they delivered a project.
- If they faced any legal issues.
- Building quality and structural integrity.
Also, if possible, try to get in touch with some of their previous customers and clients and check to see if they are happy with their experience with the developer.
3. Go Through Their Financial and Industry Credentials
You might have heard about construction projects being halted because of lack of funds from the developer side. As such, if you are planning to pre-book an apartment or housing complex, make sure that the building doesn’t fall into development limbo.
But how do you make sure that such financial inconveniences won’t happen?
Well, although you can’t be 100% sure, you can get a good enough idea by going through the business reports of the developer or talking with the banks to understand their current financial health. Don’t forget to consider the profiles of any partner if the project is handled as a joint venture.
4. Make Sure all Legal Papers are in Place
Okay, the developer is an honest guy or company, they have a positive track record, and they are financially well-endowed to support the project. All great news. Now it is time to see if everything checks out legally.
Buying, selling and most importantly, building a new property, especially large complexes and townships involve tons of legality and paperwork. Furthermore, news of scams and selling of illegal properties are all too common.
As such, you should hire a lawyer and show them the papers to see whether or not there is any problem. Also, check if their project is registered with MahaRera.
The main focus is to see whether the developer has paid all government duties involved in constructing the building or township. Furthermore, you need to make sure that everything you are being promised, you are getting that written down in your agreement and buyers’ deed.
5. Check For The Common Trap Doors
So, you have followed all the above tips and done a thorough background check on the developer. Great work! But still, you should not let down your guards just yet.
No matter how trustable the developer, or how well-built the housing complex is, you should always double-check whether there are any hidden traps that you are overlooking.
Here are a few final pointers to keep in mind;
- Make sure the building checks out with the sanctioned development plan.
- Calculate the total saleable area at the time of purchase to understand how much you can profit if and when you choose to sell the land.
- It is the developers’ duty to pay the EDC (External Development Charges). Don’t get fooled into paying that money from your pocket.
- Check whether the building has received a clearance certificate and an occupancy certificate from the authorities. Also, keep this checklist of documents in mind.
- It is illegal to sell parking spaces separately to non-residents or unfairly allotted to particular residents. According to the Supreme Court, parking spaces within a building is considered a common space. So don’t let the developer tell you otherwise.
Make sure you go through this quick checklist before buying a flat to avoid any hidden trap doors – both figuratively and literally. Also, if you want to invest in a residential project in Chandivali or Powai, then Shapoorji Pallonji Vicinia is a perfect choice.