When it comes to buying a flat in a new building, every buyer begins to have doubts about the developer of the house in which the property is planned to be purchased. How to check the reliability of the developer and not become a victim of fraud? What are the guarantees that the house will be handed over on time? Will it be necessary to take the child to school on the other side of the city because the educational institution provided for by the General Development Plan will be built for another 15 years? These and other questions concern almost every person planning to purchase an apartment in a new building. So how to check the reliability of the developer?
- Check the website of the Ministry of Corporate Affairs (http://www. mca.gov.in). It has a database of all registered companies with information about their addresses, names of directors, authorized/paid-up capital, etc. There you can also get details about any charges against the company or its directors.
- Visit the developer’s website. Usually, such resources allow you to thoroughly study the history of the company, get acquainted with the awards received by it in the field of construction, and see copies of permits. To do this, you do not need a lawyer, usually, large developers make their sites accessible and informative for novice users.
- Visit the company office. Any developer should have an office, preferably more than one. Chat with managers, and pay attention to the organization of the workflow. Communication by phone, skype, or e-mail without an invitation to visit the office should be a wake-up call for you. The lack of an office and the opportunity to get acquainted with the original permits indicate the dishonesty of the seller.
- Additionally, it is worth studying the position of the company in regional reports on commissioned housing. This will help determine the leader of the development direction in your region.
- Visit past projects: Visit the completed projects of the builder and interact with homeowners there. This will assist you to ascertain the quality standards followed by the developer. Validate facts given to you by the developer like date of delivery, etc., with the landlords. Also, talk to brokers in the area to know more about the developer.
Also read:- What to consider when buying new house?