5 Ways To Verify A Builder’s Reputation Before Buying A Flat
As we level up in life, we wish to check off the bucket list of many different dreams and aspirations. Buying your own apartment or flat would be one such dream for many. It is safe to say that it is one of the biggest and most thought-out decisions anyone could ever make. For the same reason, there are many factors you have to consider before plunging into an investment as huge as buying a flat. When you are looking for flats and apartments for sale in Kochi or any other major cities like Delhi, Mumbai, Bangalore, Trivandrum, Hyderabad, Chennai, etc, don’t just go by the brochure claims but check the competence, reputation, resources, credibility, and lot that supports a valuable purchase.
Of the many factors in play, one of the most crucial factors to consider would be the reputation of the builder/construction company we have selected. Ultimately, if the foundation is not strong, the whole structure would be prone to collapse, which we have witnessed in recent times, albeit rarely. Suffice to say, there is no dearth of reputed builders today, but it is still very much important to ensure that your investment falls in safe hands.
In this article, we seek to shed some light on a few ways to determine a builder’s reputation before you buy a flat. If you are interested in buying a flat, or flipping apartments, or even a follower of the real estate industry in general, this article will be fruitful for you.
Here are 5 ways to verify a builder’s reputation before buying a flat:
Soundness of Financials
They say that the numbers don’t lie and in the case of financial statements, truer words could not have been spoken. The soundness of the financials of a builder/ construction company is one of the most accurate indicators of the health of the company. You can easily access and view the Balance Sheet and other financial statements through the Ministry of Corporate Affairs website. Any financially literate person would be able to identify issues or problems if any in the financial statements of the builder in no time.
Ratings and Awards
Only builders with repute and quality would be eligible for getting the best rating standards under Crisil Real Estate Star Ratings (Crest). There is also a National Developer Rating list under Crest, which rates developers who are registered under them. You can also check for features with LEED, IGBC, GRIHA, etc. which are various real estate organizations that recognize the best practices in the sector. A builder whose projects are rated under any of these systems would be trustworthy and reliable to the best extent possible, as only the best of the best get rated under these standards.
A builder with a great track record is always more reliable than others. A builder’s track record can be ascertained from various factors such as the number of successful projects, timely completions, transparency in operations, etc. You may also check whether the builder of your choice is a member of reputed organizations such as CREDAI or Builders Association of India (BAI), which would be a great indicator of the genuineness of a builder’s operations.
The best source of genuine reviews is the existing flat owners/ customers. No matter what a builder or developer may advertise, the ground reality can only be ascertained from the homeowners themselves. It is always a prudent step to make sure you find out how customer-friendly a builder is, their maintenance and day to day operations, how they address customer complaints, the quality of their construction, and the true extent of customer satisfaction from any of the existing flat owners before you buy a flat.
Scale Of Operations
Only builders who have sound financials and a great track record can afford to execute projects on a large scale. In other words, to undertake large-scale operations, a builder would require financial assistance from banks and other financial institutions, who in turn would only extend a helping hand if the builder is of long-standing repute. The scale of operations of a builder is a dependable indicator of their trustworthiness.
That rounds off a few of the different ways in which you can verify the reputation of a builder before you buy a flat. There are many more ways to check the same, but this article would give you a fair idea of getting things started in the right direction. Reputed apartment builders hold an indisputable reputation in the construction field, building flats, villas, and apartments. Do some research before you finalize any builder for your home project.