A smart investor is one who analyses all the risks in advance. The real estate industry has always been a profitable one. But sometimes it turns out to be a bad decision. One should invest in those properties which have been properly analyzed and inspected. Investing in wrong properties can lead you to lose your money. We all dream to buy a house from our savings, but sometimes this dream does not get fulfilled due to some mistakes.
Before investing the money a buyer must consider certain points to safeguard his deal. These are the 5 main areas which should be considered before investing your money in an under-construction project-
Rera approved projects –
As a buyer, if you plan to invest your money in a property that is under construction. Then the first thing you must consider is finding out whether the project is approved by RERA or not. The Real Estate Regulatory Authority is a government body that monitors fair dealings in the real estate industry in India.
An under-construction project will be valid only if it is approved by RERA. As a prospective buyer, you must check the no objection papers issued by the government. Only then, you must invest in such properties. You must not make any delays in making such compliance.
Check builders reputation-
Another factor to be considered before investing in an under-construction project is whether the builder possesses goodwill in the market or not. A financially stable and sound builder is more reputed and safe. A buyer must check the records of the builder before investing in his projects. One must check records of earlier completed projects which the builder has designed in the last decade.
A buyer must ignore the relationship with those builders who are involved with NCLT cases against them. If you want to give your money into the right hands then you must undergo these goodwill checkpoints. Godrej Group is one of the most reputed builders in the real estate industry. Their projects like Godrej Prive Gurgaon and Godrej Air are liked by customers the most.
Get title deed examined-
Investing in an under-construction project will be considered safe when you get title deeds and other papers examined. You can hire a professional lawyer for this case and get all the legal formalities examined to assure you of any fraud. It has become mandatory to check municipal documents of the property before investing your money. Back out from the projects that sound risky and legally unstable.
Make multiple visits-
A buyer must make many visits to such projects which are under construction. This will allow them to see the real image. If a project has completed 40-50% of work then it can be considered for investing. You must check what facilities are in progress.
One must also check whether the same service is under construction that has been promised on papers or not. By visiting the property and locality you can access the future value of your property. Work in progress should be as per the approved building plan.
All prospective buyers must select bank-verified projects. These days banks sanction loans for only those projects which have been evaluated by the banks. Always seeks those projects that can be sanctioned by the banks for loans. Reputed real estate projects like Godrej Prive and Godrej Air Gurgaon are such examples.
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