Winning Bizness Desk
Mumbai. With changing times, flat and apartment culture has become increasingly popular in all cities. Considering this, now people prefer to buy flats built by builders due to rising inflation. This frees them from the hassle of building a house, along with many essential facilities. However, it is easy to see and hear, but actually it is not. There is also a lot of hassle in this and if it is not taken care of, the home buyers suffer a lot. Lakhs of people are like those who blindly trusted the builder while buying a house and got trapped. It is not necessary that all builders are the same, but it is necessary to find out if your builder is correct. Many builders' projects have got stalled in various cities of the country.
2.40 lakh flats got stalled
According to property consultant Anarock, around 4.80 lakh houses are stuck in the top 7 cities of the country by the end of May 2022. In NCR, the number of such houses delayed due to arrest is more than 2 lakh 40 thousand, while in Mumbai metropolitan area this figure is 1 lakh 28 thousand. This includes projects launched before 2014 in Delhi-NCR, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad and Pune. These statistics show that blindly trusting the builder can be a burden to you. It is important to check the builder carefully before betting your savings and hard earned money.
How to find out about your builder...
In the project in which you are buying a house, land or commercial property, first of all go to that place and do a site inspection. Check the construction key quality. Also, check the builder's previous project. For this you can talk to the people living there and get real time feedback. Generally, big banks avoid giving home loans on disputed properties. Banks do a lot of due diligence before financing a project. The bank also checks the profile of the builder with all necessary approvals. If the project is approved for home loan by the bank then you can buy a house in it.
RERA registration is key
Suppose a bank refuses to give a loan to new buyers for a previously approved project when there is a legal dispute that there is a delay in the construction of the project. If the builder is correct, he will have no problem showing you the required approvals or it is also called property card. If the builder refuses to show the RERA registration, completion certificate, occupancy certificate, etc. then it is a danger bell. Avoid buying a house in such a project. Apart from this, things like property title, building plan, change in land use, land arrears should be checked.
