I always think that life for the earlier generation was much simpler. More relaxed lifestyle, less interruptions after work, less competition, people happy with their state in life. Many of our parents were born, brought up, worked and even now living in the same town. So housing in their generation was for a lifetime. It was understood that they would grow old with the house, the furniture, the doors, locality, trees, etc.
But the trend is changing now. We go wherever our destiny or should I say “Our Job” takes us. Here, I am discounting those people who are still capable to staying in the same city sticking to the same job. So we can broadly divide people on the lookout for a house in to two categories Stay-puts and Shifters. Stay-puts are people who plan to stay in the same city and Shifters are people who can shift out of the place anytime.
Belong to any group but before buying any property, state
• Form – Apartment, Villa, small complex, big complex, etc
• Feel – modern, antic look, green look, techno look etc
• Function – Permanent residence, temporary residence, renting out, investment, etc
Be it any form, feel or function, the most important thing to look for when you are buying a property is a builder or developer. Prepare a list of builders/developers and you can use the below check points while selecting your builder.
Reputation: In the booming real estate sector, there is a rise in the number of builders every year. In order to pick your builder, make a good research on his previous projects. Visit any complex they have constructed and talk to people, friends or relatives to find out about the construction quality, business conduct, etc. Check on the net for his previous projects reviews. Check for his certifications.
Builders Association Membership: Builders form an association to establish cordial relationship between the client, contractor and end-users. The association would have a code of conduct for its members and would terminate or black-list members for any violation. Check the membership of your builder in associations such as Builders Association of India (BAI), Confederation of Real Estate Developers of India, etc which should a sufficient authentication for the builder’s code of conduct.
Background Check: Ensure your builder has a history of successful projects. Visit any complex they have constructed and see the construction quality, amenities, infrastructure and community development. Research on the projects they have completed, feedback, ongoing and future projects.
Community Development: In this fast paced lifestyle, amenities inside your society and outside are important features for the value appreciation of any society. Check for the project amenities like shops, gym, per-school, day-care, swimming pools, club houses, play-areas, etc. Some builders even provide restaurants inside the complex. Also check how the area around the society is. Check whether there are proper roads, shops, any places of importance, schools, etc. Find out if the builder has any plans to develop or attract talent to develop the area around the society to make it a place of convenience.
Budget and Timelines: Check if the builders previous projects have overshoot the timelines or budget. If it is a regular occurrence, it would be wise to discredit him.
Compensation Clause: Builders have an agreement clause that assures daily damage compensation for delay in possession. It is a rare case in which damages per day are claimed. But it is wise to ensure that your builder is ready to pay compensation in case of delay on his part.
Opt out Options: A buyer is entitled to opt out of a project in case of delay in delivery of the property for possession (according to the National Consumer Commission). Check for these options and the payment terms and interest.
Customer Complaint Handling Cell: To err is human, hence there are bound to be complaints in any project. But check for the complaint handling eagerness and efficiency of the builder. Effective complaint handling is a sign of better service.
Happy House Hunting or should I say Builder Hunting??!!!