HOW TO CHECK YOUR BUILDERS PROFILE ?
Real Estate is all about investing today and reaping the benefits later. So, choosing a builder, a good one, is extremely important for some as property investment is life after job to them. Since you are expecting a home that would suit your level of luxury, your home should be constructed by reputable builders. But, with increasing demands people are being cheated and fraud building material is being used by many. According to a recent survey, 72% of Indians have been cheated by the builders and every one in three has registered a complaint or planning to do so against the developer.
With a bulk of developers, it can be difficult for people to make the right choice, especially for those who are doing this for the first time.
Here are a few essential checks before finalizing the deal with builder:
Check Builder’s reputation – Real Estate has received traction from many and is expanding rapidly. It is the first and foremost requirement for the buyer to check the Builder’s reputation level and do a good research on his previous works and the lives of people there. However, this step is to be done by an individual himself. A quick and effective way to do this is by checking the repute on popular real estate forums, blogs, newspapers, property sites etc. Another important thing as mentioned earlier is to get reviews from residents of his previous projects. An ISO 9000+ certification is enough in terms of quality, check if your builder has got one.
Check for legal approvals and certifications – A reputable and a professional builder will always have an ISO 9001:1008 certification and if possible audited, the certified builders are more professional in their approach. Henceforth, you must check all related certification and then select the best possible option.
Builders Association – A renowned builder will undoubtedly have connection and will surely be a member of Builder’s Association of India (BAI) or Confederation of Real Estate Developers Association of India (CREDAI) etc. If your builder is a part of one of these, it says that he is a part of an ethical well administered organization and follows a set of mandatory rules and conduct. Because of their connections, they will be able to provide you with financial assistance.
Reliability – The important factor while choosing a builder is the reliability that it offers. It is essential to check his credibility by analyzing his/her success rate, quality of past projects. Before making a decision, check if they were able to meet the delivery timelines, and if yes then how often. Once you are satisfied, then make your decision.
Financial Stability – Check the financial condition of the builder… Is he over-leveraged… Is it so that if the project fails, he may not be able to return your fortune? Hmmm, if found unstable then delete your listing at once.
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