Buying a property in Borivali? Choose an authorized developer

Checking the credibility of the builder is perhaps the most difficult thing for a potential homebuyer. With most developers taking it forever to deliver the project to the customers, it is the buyer only who has to suffer in the end. To avoid falling in such circumstances, one should choose an authorized developer in Borivali. And how do you do it? Check the tips below:

• Check the past records

One should start with accessing operational years, the past records, project delivery and size of commitments of the builders where you intend to buy a house. Check if the builders and developers in borivali have obtained all the necessary permissions for the project. If he has a record of delaying the project delivery, then it is unlikely that he will be able to do so this time around as well.

Homebuyers can check http://www.mca.gov.in to get all the details like address, names of directors, authorized/paid-up capital, etc. The website also provides all charges against the company or its directors.

• Developer’s financial health matters

Listed developers put up their cash flow and debt levels in their annual reports but in the case of unlisted developers, getting such information is difficult. You can seek information by asking the developer directly.

Experts advise buyers to purchase the property from builders with sound financial health only because their fiscal information is in the public domain.

• Builders Rating says a lot

Developer rating is another important factor to take into account as it says a lot about a builder’s trait of work. The rating considers the qualitative and quantitative factors like the completed projects, the projects’ delivery timeline, quality-testing mechanism, the ability to execute the projects as per the set standards and with clear titles. The rating is accorded on a five-point scale from DA 1 to DA 5, with DA1 being excellent and DA5 as poor. Buyers can check out CRISL’s rating to shortlist the top-rated developer.

• Are banks offering loan

Check out if leading banks and financial institutions are offering loans to builders. Right from checking the approvals to verifying the builder’s profile, banks perform thorough verification before sanctioning loan to developers for a project.

• Visit completed projects

Consider visiting some of the completed projects of the builder and interact with occupants there. Validate the facts like date of delivery etc with residents. Talk to the brokers to know more about the builder.

• Read the fine print

Ask the developer to put everything in writing – right from the date of possession to penalty for delayed possession. Make sure to capture every detail as it serves as primary evidence in case you need to take legal action.

Now why wait long to materialize your dream to reality? Walk into the world of Vinay Amar Group and see for yourself the state-of-the-art abodes that are built to inspire and lead a fulfilling life.