While entering the real estate market as a new home buyer, there are a lot of different criteria we tend to set in our minds. Some of the most common things we tend to consider are the locality, the price – obviously, the quality of the building materials, available annuities, and so on.
However, one of the most important things we tend to overlook is the real estate developer. In fact, when you are purchasing a property from a reputed real estate developer, you can rest assured that you are getting access to some of the best properties, even though you have to pay a high price tag.
For example, did you know that all the best builders in Mumbai have upgraded their development process and bundled in the latest amenities with their new projects? Also, they try to streamline the entire real estate ownership process so that you – as a buyer – face no problems.
With this in mind, we have put together a list of reasons why you should always buy a home from reputed real estate developers in India.
1. Protected by the RERA Act
All the top builders in Mumbai, India are registered under MahaRERA which ensures your interest, as a real estate buyer, is protected.
But what is RERA?
RERA, short for Real Estate Regulation Act, was introduced in 2016 by the Parliament of India. It creates a mechanism that regulates and resolves some of the most common issues in the real estate market.
Here are some of the ways in which the buyer is benefited by the RERA Act;
- Developers will be penalized if they default on the promised delivery date.
- Developers can’t charge extra for the built-up and super built-up area.
- Any structural defect in property five years from the date of handing over of possession will be repaired by the developer.
- Developers are restricted from using your money for other projects.
- All buildings should have proper clearance papers before they can be sold.
- Property advertisements need to carry the RERA registration number, and can’t do false promotions.
- Dedicated regulatory bodies to resolve builder-buyer disputes.
So, as you can see, purchasing land from a reputed real estate developer registered under RERA removes most, if not all, the stress related to real estate purchase.
2. Access To Rich and Modern Amenities
All the big projects in Mumbai and other metropolitan areas in India promise access to basic and necessary amenities.
Now, if you have your eyes on some of the high-end luxury projects, then you can expect access to luxurious amenities like modern 24/7 security, clubhouse, swimming pool, landscaped gardens, and much more. Furthermore, if the project is being built near a high-class location, then you can expect even more amenities.
And don’t think that these are just for show or to hike the price. A reputable developer makes sure that all the promised modern amenities are of the highest standard.
3.Timely Project Delivery
Let’s say you are going for a 2 BHK flats/apartments in Chandivali, or you are looking to invest in residential projects in Chandivali. Either way, you have the option to go for a high-class reputable developer or some local small-scale developer.
Now, if timely project delivery is important to you, then we always recommend that you go with a reputable builder. Why? Well because their reputation is at stake if they can’t deliver at their promised time. Furthermore, as we discussed, they are bound to deliver their projects at the promised time because of RERA.
There is always a level of ambiguity with small scale builders and promoters. Who knows when they run out of funds to continue the project? So why take risk of such unnecessary inconveniences? If you value your money and want to ensure timely handover of your flat or apartment, then choosing a reputable developer is a no-brainer.
4. High Return On Investment (ROI)
Now, yes – projects by high-end reputable developers are expensive. But did you know that the apparently affordable small scale projects have significantly less ROI compared to high-end projects?
So if you plan to sell your property in the future, you will have much more profit, selling an apartment or flat from a reputable developer, compared to something done by a local promoter or builder.
But why is that? Well, for starters, you can get a higher price leveraging the developer’s name. What’s more, these projects are generally developed in excellent locations with a promise for near-future growth. So naturally, in the near future, the value of the project increases, leading to better ROI.
5. No Hassle With Getting A Home Loan
Home loan approval is a big part of buying or investing in real estate. And as you should know, banks are very reluctant to sanction a home loan for a shady piece of land, and in most cases, will deny your request.
However, it is completely a different story when you are looking to get a home loan for a flat or apartment by a reputable developer. In fact, in many cases, reputable banks like ICICI, SBI, and HDFC have tie-ups with developers and can even give you home loans at reduced EMI rates.
To sum up,
If you are planning to buy a flat or apartment developed by Shapoorji Pallonji Vicinia, then you can get your home loan approved super fast paired with the best home loan rates. It is also registered with MahaRERA and offers the best of world-class amenities along with the splendid views of nearby nature.