A lot depends on which builder you decide to go with when buying an apartment, villa or any kind of property for that matter. Cases of fraud in the Indian real estate sector aren’t a new issue. Just like all other sectors, even real estate is prone to frauds and scams. After all, from the quality of construction, paperwork to the offerings, there are a lot of places wherein a homebuyer could be duped.
To steer clear of such unnecessary hassles and ensure that your investment is fruitful, you need to research well regarding which builder in Chennai you wish to invest with. Chennai is a metropolis with a flourishing real estate sector. Hence, there are several real estate companies and developers at work here. Their multitude only adds to the confusion regarding which builder to choose.
But worry not as there is a way to go about it. There are certain parameters that could actually help you find good and trustworthy builders in Chennai.
It is often noticed that several builders had started out as contractors or brokers in this field. It is only after gaining good knowledge of the sector and how it works that they got into property development. Therefore, it would be smart to start looking into the experience that the builder in question possesses. Experienced builders will also have a longer list of clients they have worked with and projects that they have delivered. These will further give you an idea of the manner in which they do business and what to expect from them. You could also look into their area of specialty, if the said builder has one.
To be truly sure if a builder you are considering is among the top builders in Chennai, you need to check the kind of reputation they hold in the market. Checking their past records if a good way to start in this direction. You can also get in touch with their past clients and get their views about the builder in question or check for general reviews online about them or their projects. If you get satisfactory reviews, this would mean that the builder actually lives up to its promises.
Builders in general are often a part of a building association of a city or state. There are several similar associations in Chennai. Find out if the builder you are looking at is in the list of builders in Chennai, with one such association. These associations don’t generally register builders who can’t substantiate their credentials. By contacting the association, you might get to learn of the years a builder has been present in the industry, and how many projects they have completed.
Co-investors in a project
Besides the above, it might also help to get in touch with others investors that are tied up in the project you plan on investing in. Investors look well into the background of a builder before putting money into their project. It is only when they feel that the project in question is appropriate, that they advance with their investment. Hence, if a project has reputed investors, you can be certain that the builder holds good reputation.
Complete approvals or permissions by the government on a project are also one of the factors that help ensure that a builder is genuine. So, if you plan on investing in an under-construction property, government approval is something that you should look out for. If the builder does not have one, or is taking too long to get it from the government, it could be a red flag.
In addition to the above, you can also ask around to build a fair perception. Ask friends and colleagues for recommendations or check out the real estate section of the local daily to know more about the top builders in Chennai.