How To Check A Builder’s Track Record?
Saturday, August 4, 2018 IST
Planning to buy a property for own use or investment? No matter what the reason, always check the past record of the builder before parting with your hard-earned money. A little effort now can save you from regret and loss of your life’s savings later on. In this article, we talk about ways that can help you check the track record of the builder you have chosen. Following points should help you out:
Builder’s experience: Find out how long the builder has been in the construction business. Check out his website for the list of completed and ongoing projects. Steer clear of new entrants as there is no guarantee of their promises and performance. Never base your decisions on flashy advertisements and schemes. You might just get duped by fly-by-night operators.
News reports: Check out the news articles and reports available online. Just search for your builder’s name. You will be able to get a ton of info about his past projects, any legal or financial issues he might have been involved in, reviews by industry experts, grievances of customers and other stakeholders.
Existing owners: Connect with people who have had experience in dealing with the builder. Talk to existing and past clients as well as brokers on real estate forums and communities, and social networks. Find out whether the builder has delivered what he promised, project turnaround time, any delays in constructions and the reasons thereof.
Site visits: A builder’s quality can be gauged by visiting his past projects. This will require some tiring legwork but will benefit you in the end. Usually projects in a particular financial bracket will be of similar quality. Visit completed as well as under construction sites to get an idea of the professionalism of the builder. Also, a lot of time, the builders get construction outsourced from a different company. In such a case, do investigate the company’s record in terms of quality of construction.
Industry awards: If your builder/developer has won any industry awards or even been nominated for one, he is probably a good choice. Such recognitions are indicators of good procedures and exceptional work. The builder’s website will have mention of any awards or industry recognition.
Transparency involved: Always ask the builder to provide information regarding his past projects, costs involved and references you may contact, even if you already have all the required information from other sources. Any discrepancies in his report should be looked into and crosschecked. If the builder is not forthcoming about answering your queries or seems hesitant about providing data, he probably has something to hide.
CREDAI membership: The Confederation of Real Estate Developers’ Associations of India (CREDAI) is the apex body for private real estate developers in India. Though being a member of CREDAI does not guarantee that a builder has no fraudulent history, it ensures that it is governed by certain rules and regulations and enjoys some credibility in the realty market.
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