It is everyone’s dream to buy one’s dream house. However, buying your dream house is not always as easy as it seems. For, you can’t be sure about the quality of your flat, particularly if you are buying a house from a builder.
“Unlike cars that are standard and built in factories for years, every building is a custom and hand-made product made to suit the site and product type. A reputed builder would normally have a good team of project managers who will ensure quality consistency, but this may not be true of all builders, ” warns Pravin Malkani, president, Patel Realty India Ltd.
It is better, therefore, not to get carried away by the claims of a builder or his team. Verify the facts all by yourself and take safeguards to protect yourself from being short-changed during the delivery of the final apartment. Here are some precautions to take while buying a builder’s flat:
Choose a reputed developer to buy from
This is very important as India’s real estate industry is still inundated with unscrupulous and fly by night operators who are just interested in making quick bucks and consumers’ interests hardly matter to them. In fact, sometimes it is very difficult even to locate such builders once their projects are sold out.
“It is very important, therefore, to check the reputation of the developer,” says Surendra Hiranandani, founder & MD of the Hiranandani Group & Hiranandani Upscale.
Check the documents
It is also important to check the credibility of the documents and whether all necessary approvals have been obtained. If not, the buyer of the flat may land in trouble later on.
“Check the credibility of the documents. Get the certified copies of all documents that prove the undisputed ownership, non encumbrance etc and consult a lawyer to check whether every document is clear and legally valid,” says Ketan Sheth, director, Goldmine Projects Consultant.
Buy the flat by taking home loan
One of the better ways to avoid landing in trouble is to buy a builder’s flat by taking a home loan. This helps as “the bank would always enquire and verify the project, the builder and his past record,” says Sheth.
Take an informed decision
It is important to keep the basics in mind and read the fine print carefully before taking the decision to buy. For, if you don’t take an informed decision, chances are that you may have to repent your decision later on when you will discover something wrong with your dream home.
Therefore, “ensure that the fine print on the amenities are clearly understood and clarified by the sales team,” says Malkani.
Recheck promises made by sales personnel
Recheck with a senior member of the developer’s organisation the promises made by sales personnel.This is because “often marketing and sales could be outsourced and agencies who undertake this would be interested in the 2% transaction fee and seldom would follow up on quality issues,” suggests Malkani.
Verify the various offerings
Thoroughly examine and verify the various offerings and other amenities – such as children’s park, swimming pool, gym and club — provided by the builder and get everything on paper. This will help in resolving a dispute in case that arises later on.
“While buying a residence one always has to have a clear understanding of the offer given by the builder before finalizing it. This includes the exact area of the property, whether the interiors and fittings are complimentary, colours, parking space etc. Generally builders do not provide interior creatives along with the flat and the sample flat is just a fancy representation to give an idea of how the property would look structurally. Thus, it is very important to clarify the exact offerings along with the property,” says Sheth.
Verify about maintenance work
It is always helpful to know in advance who will be doing the maintenance work once the project is complete. In case of reputed builders, maintenance services are normally provided by them only. But you can’t be sure about this with all the builders. Also verify about the maintenance charges and how they will be increased in future.
Check about the parking space
Parking spaces and facilities are very important today – particularly in big cities and metros. Therefore, enquire about the parking facilities from the builder. These days a majority of builders are asking for hefty sums for providing reserved parking spaces. Keep this in mind and see whether the parking charges are reasonable or not. Also check whether the apartment has enough parking space or not.
Regularly visit the site during construction
Don’t relax even after buying your flat. “Visit the site during construction to see that the developer is installing what was promised earlier and also in the proper manner,” says Malkani. If not, complain about this to the builder in writing and keep a copy of that.
Check the quality of the flat after completion
It is always advisable to check the quality of the flat after completion. Because it has generally been observed that a majority of builders are still not consistent with quality of the sample flat and the constructed flat/ apartment. In fact, ” there are several instances that developers who are not careful with their quality control and who enter in cost savings after making a sale and promises of certain amenities, do deliver less than promised,” observes Malkani.
In developed countries, the situation is quite different. For instance, builders/ developers there are legally more liable and therefore have a more professional approach to construction. Also, most developers in developed countries have to have a valid licence to build and not making good the snags can jeopardise their continuity in the business. But that is hardly the case in India. Even the legal remedies available to buyers here are very limited, and the ones that are possible take years to take any effect. Therefore, don’t take the possession of the flat if anything is found lacking. Tell your builder to rectify and make good the snags before taking possession.
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