The Most Common Mistakes People Make With Real Estate Developers In Bangaloreby IV S. Consultant
Who doesn’t want to buy some property in a city like Bangalore? However, when you choose builders and developers in Bangalore, do your homework before you pick one of them. There are some common mistakes property buyers make when they look at projects or real estate builders in the city. Read on:
Not running background checks on the real estate builders
As a buyer of property, especially in a city like Bangalore, it is important that you run a basic background check of the builder. Are they well-known? Do they have credibility? Do they have a good reputation in the market? These are questions you would need to pose to yourself and also those in the know.
Not checking the past projects of the builders and developers in Bangalore
If it is a builder with experience, you can check their past projects and speak with the buyers. You would need to check if those projects were delivered on time, whether the quality of construction was good, and if the buyers were happy with what was promised. Going ahead without checking the status of past projects could prove costly later. Of course, if it is a new builder, you don’t have the luxury of running this check and may have to depend on the credibility and reputation of the builder.
Not carrying out a proper inspection of the building/flat you want to buy
You should not just rush in, check out brochures and projected images and sign on the dotted line. Carry out a proper visit to the property, check all aspects such as plumbing, electricals, flooring etc. If you have doubts, ask the real estate builders a lot of questions and get your doubts clarified. Or just get an expert to accompany you and check out the quality of construction.
Not finding out from the builders and developers in Bangalore about completion and handing over of the project
Ask specific questions about targets and completion during various stages of the project. You would need to keep checking with the real estate builders from time to time about the progress of the project.
Not considering the location of the project
Ensure that the project is in a neighbourhood that is convenient for you and your family. Also check the infrastructure in the vicinity, in terms of schools, hospitals, markets and entertainment centers. Check if the project is well connected to the rest of the city.
Not finding out about the amenities provided
You would need to not only look at your flat but also the amenities provided for the entire project. These include lawns, gardens, pool, a gym or a community hall, for example. When you pay for the flat, you have also paid for all these amenities.
Not checking if one of the builders and developers in Bangalore you have chosen has registered under the State Real Estate Regulatory Authority (RERA)
According to recent rules, under construction or yet-to-take-off projects need to be registered under RERA if the land is over 500 sq mt or has eight or more apartments. However, if the project is 60 per cent (or more) completed, then it is excluded. Check the website of the builder and seek expert advice on RERA rules for Karnataka before signing on the dotted line.
Not asking for title deeds and other documentsYou would need to ask the builder for all documentation related to the project and seek legal advice on whether to go ahead with the project or not.
Created on Sep 22nd 2017 07:55. Viewed 403 times.