A developer’s reputation matters while buying a home.
BY ARVIND JAIN
India’s economy is once again on a sure footing, and people across the country are now confident about buying homes. Purchasing a home is, of course, a huge investment, and yet, things can and often do go wrong. One of the most common mistakes that many buyers of property commit is doing business with developers who lack established credentials.
How can one identify reliable developers from the huge number of builders constantly putting projects on the market? There are several defining factors:
Legal sanctity of the project: Every building needs to get a variety of permissions from various bodies. Reputed developers will ensure that their projects have all the certificates and permissions required. All instances of illegal construction that one reads of in the papers today have one factor in common – these projects are by unscrupulous or inexperienced builders who either did not care to get their projects properly approved, or did not know of all the approvals and permissions that they need to obtain.
Timely completion: In most cases, developers will offer their projects for sale before it has actually been completed. On purchasing a home in an under-construction project, the buyer is assured of a certain time-frame in which possession will be given.
Reputed developers will not push the possession timeline beyond a limit, firstly because they are adequately funded and secondly because they will not jeopardise their credibility. Most of the instances of irrationally delayed project completions involve new, under-capitalised and often struggling builders.
Zero-defect homes: For reputed developers, credibility is the key to their brand recognition – it is their primary competitive advantage in the market. They will never offer a home that have defects like bad electrical fittings, faulty plumbing, water seepage, etc. Quality construction also includes the right size and shape of rooms that are in sync with the overall project design.
Project’s structural integrity: Quality control is an important part of every construction being undertaken by a reputable developer. Their engineers will check and monitor every aspect of the process, including soil compactness, proper cement/sand ration, slump testing, drainage engineering and earthquake resistance. Choice-based remodeling aside, buyers will not have to pay for structural repairs in the future.
Adequate amenities: Reputed developers know that it takes more than four walls to make a home, and will always strive to offer a good lifestyle. They will provide facilities like proper parking spaces, security, access roads, playgrounds and landscaped open spaces in their projects.
It goes without saying that a home in a project by a reputable, credible developer will cost more than the threadbare offerings of anonymous local builders, but it is always worth it. If one chooses to patronise smaller, inexperienced developers, the only attraction will lie in the price – but the price one pays is actually much bigger than the one in the agreement.
Problems related to construction legality, lack of security and spurious engineering quality can result in massive future costs, and in the case of outright illegal buildings even a total financial loss The additional amount paid to a reputable, trustworthy developer is an investment one makes into security, peace of mind and a high-quality environment for the family.
The author is managing director at Pride Group