Friday, September 25, 2015

SELECTING A VENDOR

SELECTING A VENDOR

While selecting a vendor/promoter, you need to look into his track record. This can be done by visiting earlier projects done by the Vendor or in case he is an individual, enquires could be made with people who have had transactions with that individual or with people living close to the property. Similarly you have to select a reliable real estate dealer to locate a suitable property.

Before investing your money in flats or any property, choose a well-known builder/developer/promoter. Do not get carried away by attractive colorful brochures.
Many builders have abandoned their projects in a semi-finished state exposing the purchaser to financial loss and mental agony. Investing in a flat which is under construction by unknown new builders is risky. Check the credentials of the builder before investing your hard earned money. Verify the track record of the builder for prompt delivery, construction standards, adhering to the agreed cost without escalation, providing amenities, before booking a flat. Ensure that there are no deviations from the development rules and also check the post sales service. It is preferable to opt for a ready-to-occupy flat. In doing so, the attendant risk of investing in a property to be developed can be avoided.

Do not be tempted by colorful advertisements and attractive offers, which mention that the said property is Bank approved or B.D.A. approved. Legal opinions from Bank or from the promoter should not be relied upon.  It is always advisable to obtain a proper legal opinion from eminent Lawyer before purchasing a property.  Further, claims of having obtained B.D.A. N.O.C’s or approval from B.D.A. or C.M.C., should not be taken as true in the absence of personal verification by self or through a lawyer, from the concerned department. The property scene is similar to the speculation industry; prices can either appreciate or depreciate, though the latter is rare. In fact it is the difference in the amount of gain in value and the time period taken to achieve such appreciation in value, which is important. Slow and poor appreciation in value is almost equal to depreciation while fast and large appreciation can give benefits like no other investment can and that too without any effort on the part of the investor. A thorough study of title, location, developments already in the area, the expected development in the area, other facilities already in place and surrounding places and a careful analysis of these factors before a purchase can ensure great benefits to the investor and greater peace and prosperity to the purchaser.

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