Indian consumers know how to weigh the brand value and functionality of the product when it comes to investing in mobile phones, cars and other electronic and high-end gadgets and devices. However, when it comes to real estate, the level of due diligence that the Indian consumers do is often not up to the mark. This is because they often get attracted with the advertisements and offers that the builders offer. As large sum of money is involved in this, proper due diligence is mandatory as otherwise, it can prove to be quite a risky task.
Thus, if you are a prospective home buyer you must follow the below-mentioned tips to evaluate the credibility and reputation of a builder:
- The most important thing that you should check when evaluating a builder’s credibility is the experience of the builder in the real estate sector. A number of developers and builders are there in the market with no experience at all and few are there just to expand their current business. So, as a smart buyer, you should stay away from such developers, no matter how tempting their offer is.
Usually, the renowned builders have a list of ongoing, upcoming and completed projects on their website. This helps the buyer to get an idea about the number and types of projects that have been finished by the builder. In this way, you can easily estimate the years of experience of the builder in the real estate sector.
- You should check the certifications of the builders. For instance, the experienced builders and developers are usually certified under ISO certifications and other accreditations which indicate adherence and standardization to best industry practices. You can also visit projects that have already been completed by the builder in order to get more insights about the quality of construction. Check the quality of fixtures and fittings that have been used by the builder in the projects that have been completed already.
- Like other sectors, the real estate sector also has certain awards and recognitions that are awarded to developers for their contribution. The winners are identified based on multiple rating parameters, and detailed methodology. So, any winners or even nominee of these honors can be regarded as credible. You can visit the website of the builders to know about the awards and recognitions that they may have won and have been nominated for. These things are usually posted on the website of the real estate developers.
- Also, you should check the delivery track record of the builder. You can get details on the past project deliveries through online forums where even owners of apartments of these previous projects are there. Credible builders always try to deliver the project as per the stipulated time frame.
These are some of the basic tips by which you will be able to evaluate the credibility of the builder.
So, whether you are planning to buy 4 Bedroom or 2 BHK flats in Noida, make sure that you put in that extra effort to check the credibility of the builder so your hard-earned money is not lost in vain.