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How to evaluate a property and builder before buying a property?

by Gerua Senia

Buying a house is a very crucial decision in an individual’s life. Thus choosing the right property is important, and giving the right price is important. While buying a new construction property choosing the right real estate developer is also necessary. The valuation of the property depends upon the type of property, whether commercial or residential, or office spaces. Then comes the locality and the last one is the quality of construction. All these factors are necessary to be checked while purchasing the property. Buying a property is an expensive matter, and thus the decision should be taken carefully. Choosing the wrong property or the wrong real estate developer can cost heavily to the buyer of the property. Getting loans approved for a particular property is also necessary. There are many cases in which litigations are going on in the property disputes with the real estate developer. Also, the loans are approved for the property with clear titles only, and wherein the real estate developer has sought all necessary permissions for the housing project. Also, the housing project must have got clearance for the particular floors which the real estate developer proposes to construct.

The survey about the real estate developer can be done on the internet as well. The buyer can check with the experiences and reviews for the housing project. Also, one more necessary factor for the verification is checking with the registration being done with RERA. The full form of RERA is real estate regulatory authority, a governing body set up by various state governments individually for their jurisdiction. The information about the real estate developers can be checked on the portal of the RERA. There are multiple websites for RERA like the MAHA RERA, UP RERA, KARNATAKA RERA.etc. The RERA ensures that the project is constructed on time, and also, the buyers get the right value for the money they have paid. Rera ensures that the quality of the construction should be proper. Other legal formalities like the right area are delivered to the property buyer for the price they have paid, and all legal formalities are completed before the construction of the project. The project’s construction should be done on time is also a necessary criterion, and the flats should be delivered on time to the property buyers. RERA has the right to penalize the real estate developers in case of not follow any of the rules set by the RERA authority.

  1. Following are the ways to evaluate the property and the builder before buying:
  • Project approval by the leading banks:

If the project is approved for the home loans by some of the leading banks or NBFC, it proves that the project is with clear titles, and also the project does not have any legal hurdles pending to be cleared. The bank or an NBFC verifies the Real estate developer’s land records and checks with the government authorities for the necessary clearances for the plan sanctioning and approval before approving the housing project for the loans.

  • Verify the background and the rates on the internet:

The background of the real estate developer can be checked on the internet about the reviews of the real estate developer, and the detailed information about the real estate developer can be checked on the RERA portal. Also, the rates and trends going on in the market of the particular locality can be verified on the property websites, which help people guide to look for the right price of the market trends going on in the locality.

  • Value for the quality of construction and the amenities inside the project:

The quality of construction also plays an important role in the pricing of the projects. The real estate developers charge extra value for the premium projects which they offer. Also, the amenities for the projects add value to the projects. The amenities like a swimming pool, gymnasium, garden, tennis court, or a basketball ground and clubhouse add extra value to the projects. The total cost of the land and the construction cost is divided amongst the buyers of the house in the project. Thus the amenities-based projects fetch higher value than the ones which are plain and simple projects.

Checking the right price for the property and verifying the builder’s background is necessary while buying a property. Also, the quality of the projects plays an important role in the cost of the project, and thus proper verification of the property should be done before the approval of the projects.

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