Points to remember when checking out a Builder/ Developer Company
Things to Know and Ask Builder
Checking on a builder (Developer Company) reputation and credibility is one of the most important thing prior giving booking amount. Below are check list and queries to ask builder and be sure prior any payment of booking your dream home
- Do a proper background and reputation check of the builder. The very information to start with is to ask him if the construction company is having membership of BAI(Builder Association of India) OR CREDAI ( Confederation of Real Estate Developers Association of India). If yes the reputation is proved, yet if not it just doesn’t mean that the builder is not reliable. Few builders opt not to be the part of association, Yet you need to check on further point and confirm.
- Check if the developer company name has ISO 9000+ certification, This will help you keep check on the quality of work and the construction material used and their credibility.
- Reputed banks have category listing of developers to make home loan procedure non-tedious. Check if the developer company has listing on list of private banks like HDFC, ICICI and others like SBI etc.
- Ask if builder has Title clear papers for property on which flats are built. Easy way is to ask for IOD (Intimation Of Disapproval) and CC (Commencement Certificate) which makes it clear that the property you are purchasing is built on undisputed land and is BMC approved.
- Ask if he is ready to give Completion Certificate which is required during registration and stamp duty process and also during resale in some cases. This Certificate if and important proof of BMC clearance on building permissions.
- Adding to above point, check if the property has OC (Occupancy Certificate) with builder, If not what are the reasons. Common reasons being the FSI of that property used in some other constructions. Property without OC faces bank loan problem for common man. Remember, banks cannot disburse loan till they get the OC submitted. Without OC, BMC / Municipal corporation do not give water supply and builder alternately gives TANKER WATER. This point is major ignored by buyer.
- Ask if any well known banks are tied up with builder, If banks and financial institutes like HDFC, ICICI BANK, GIC etc are already tied up with builder it is a good sign of saving yourself from non well known and fraud builders.
- Always take the first step by asking for sample flat and building plan, This will give you the look and feel of flat and the amenities and quality of tiles and other items used in kitchen and bathroom etc. Also ask and see the floor plan that gives the idea about surrounding and spacing.
- Ask for, if any additional charges above the charges they show to you like any legal fees, parking fees etc which sometimes is not said in first meetings.
- Ask when is the project getting completed and which month is the handover of property ? How will they Charge till then because this will attract PRE-EMI (A kind of interest charged for part payment of the loan borrowed from bank) this is an extra charge and not same as EMI. Get dates in written and terms if builder not able to give on time.
- Ask the builder about the Carpet area and Total super built up area and what will be written in Agreement. Also check the height and directions of the flat.
- Ask what all utilities and facilities are in built provided upon sale like Fans, Furniture in kitchen, Home UPS/Inverter etc.
- At many far suburb locations of Mumbai like Nalasopara & Virar, some / many properties don’t have OC and instead get something called ‘Collector Passing’ certificate. This kind of properties are not entertained by leading banks, yet some small co-operative banks do sanction loans. Still, its a risky real estate deal.
We can understand that finding a property is a daunting and time consuming task. In today's fast paced life we often do not get enough time to carry out the necessary research needed when searching for a property and this can lead to dissatisfaction.
Nobody who is spending their hard earned money wants to get cheated or not get what he/she is looking out in a property. Therefore carrying out a proper research and understanding all that is available and checking out all the necessary legal documentation is very important.
Zoogyo understands the buyers problem and therefore it is offering a service. You can check out the service - PSS Service. This will help your to make buying decision easily and with full confidence.