1. Is your home RERA compliant?
RERA Act now makes sure the buyers are protected from any delay or deceit from the developer’s end. However there are still states that have not declared their RERA norms. It is vital to know the project status. Always ask your developer for their project RERA number and also check the information on the MahaRERA website.
2. All that Glitters in not Gold
Developers across India give its buyers many lucrative offers and discounts to sell their flats. It is important to see beyond these offers. Why are you getting free appliances, furniture or interiors? Are these really free? Is the developer trying to distract you? One thing is for sure that there is no such thing as free lunch. There are chances that the developer has already added the prices of the freebies to your project price.
With developers offering attractive payment options like assured money-back, subvention scheme that does not ask for EMI till possession; it is important to read the terms and conditions very carefully. Developers include interest to be paid in the property cost. If they fail to repay the interest, it impacts the credit score of the buyer.
3. Check the developer trackrecord.
Before finalizing the deal, check the developer’s delivery track record. Do some research on their past/current projects. Banks and other agencies can do this for you for a small fee. Banks loans get smooth approvals if all the permissions are in place.
4. Growth Potential of the Area
Make sure you have surveyed about the growth potential of the area you are about to invest in. Your house should be an investment whose growth constantly accelerates. Invest in a home with good social infrastructure and residences around.