Tips for real estate developer's credential verification..
 

While buying a house, the biggest hurdle is checking the builder 's credentials.In the present market, not many developers have a record of delivering projects on time and fulfilling their promises.Even big developers are struggling to fi nish work on time. The situation is bad, especially in the Delhi National Capital Region(NCR) and the Mumbai Metropolitan Region (MMR), where the percentage of projects on schedule is 20 per cent and 15 per cent, respectively.While builders give a whole long list of reasons for these delays, in the end the burden is borne by buyers. So, it's up to them to do due diligence before buying. Following are some points to be remembered,

• COMPARE PAST RECORD WITH COMMITMENTS
• COLLECT INFORMATION ABOUT DEVELOPER'S FINANCIAL HEALTH
• DEVELOPER RATING
• CHECK IF BANKS ARE GIVING LOAN OR NOT
• VISIT PAST PROJECTS
• READ FINE PRINT OF THE CONTRACT CAREFULLY

thanks for sharing nice & valuable info..this is going to help new investors..

thanks for the points mentioned

thats a very valuable post,
thanks!!

Thanks for the information...
Buyers should always check the duration in which the past projects were completed to have an idea of whether the developers have the capacity to complete the project on time or not.

there are bound to be delays in completion of projects,
but there have been cases where the developers have made sure that the customers who have invested in them are not faced by any burdens and they do compensate for such.

I really appreciate you for sharing this sort of useful knowledge with us. It's really good for buyers who want to interested in huge investments.

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Valuable information what you have shared. Thank you...

if i am not mistaken,
I read somewhere that when taking a home loan, the bank does a background check for the builders reputation and ratings along with the customers to ascertain their authenticity.

just a minor verification,jus to check if the assets really exists or not,generally bank keeps the property documents as a security

You have to check about the existance of everything.

Before investing check the document very nicely

Thanks for the information.

Legally all should be checked at first and then only one should go forward. Its better that way.