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Avoid Being Cheated By Real Estate Builders

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Avoid Being Cheated By Real Estate Builders

Buying a home is one of the most important financial decisions of a person’s life but being cheated into investing in a bad property will be a lifelong regret

Finding a genuine real estate builder has become one of the most difficult tasks for homebuyers. While some builder charge a high rate for their service, some tend to vanish after they receive their payments.

Given the progress that the real estate industry is witnessing in the country, being a smart buyer has also become increasingly important as several players have emerged into the industry and in the race to acquire more customers and generate even greater revenue, the service offered by some of the agents and builders is declining to a great extent. Cases of homebuyers being cheated into buying the wrong properties are also increasing, especially in Tier 1 and Tier 2 cities.  

RealtyNXT lists the various steps that must be taken to avoid being cheated by real estate agents and builders.

1. Ask For Architectural Copy 

These days, the use of artistic images of floor and building plans are being used to attract potential customers. While these images may look very impressive and may create an image of the property as spacious and worth the money, in reality, it may turn out to be cramped. 

Therefore, instead of just focussing on brochures, homebuyers must ask their agents or builders for the architectural copy of the floor and building plan. 

This would give homebuyers a perfect clarity on the orientation of the building, specifications of the rooms as well as the direction in which the apartment is facing. As some Indian homebuyers seek Vaastu compliant homes, architectural copies can be very useful for them.  

2. Availability Of Water

Before booking or making the downpayment for the property, homebuyers must make sure that important necessities are available in the area where the project is being developed. The most crucial being the availability of water and its quality. The decreasing levels of water in reservoirs combined with excessive groundwater depletion causes a lot of housing societies to depend on water tankers. 

The average water consumption per person in a metropolitan city in India is 150 litres per day according to the Central Public Health and Environmental Engineering Organisation (CPHEEO). Thus, the scarcity of water can be a major issue especially after moving into a new home. 

Homebuyers must ask their agents or builders if approvals have been taken from The Geological Department or Central Ground Water Board/ Public Health Engineering Department of the state government for the construction of a borewell. 

3. Poor Quality Of Construction

Real estate agents may rush homebuyers into buying the property without giving them any knowledge about the quality of construction. Homebuyers should ask the real estate agent or the builder for various certifications which ensure that good materials are being used by the developers for constructing the project. 

One such certification is the CIDC-CQRA Quality Certification which is an initiative of Durocrete Construction Quality Rating Agency and Construction Industry Development Council, promoted by the Planning Commission. 

Homebuyers must also ensure other things like if there are patched cracks on the exteriors of the surface of the building, insulation of the floors and walls, electrical and plumbing fixtures as per the specifications mentioned in the agreement and well-fitted doors and window frames.

4. Exciting Offers and Rewards

One of the most common practices of fooling potential customers is by offering discounts and rewards. These offers are generally valid within a particular time during which homebuyers need to make a payment or book with a particular amount. Given such practises are being used to get better sales, homebuyers must make sure that they read all the terms and conditions imposed on such offers. 

By speaking about the various advantages that such discounts offer, real estate agents and builders might tempt the homebuyers into making hasty decisions. Thus homebuyers must be alert and make each move intelligently.

5. Proximity To Garbage Canals

Real estate agents or builders may try to hide if there are garbage canals near the project. Homebuyers need to look out if there is a garbage canal nearby. If so, then there are high chances that homeowners will be exposed to foul smell during most times of the day or the occurrence of chronic fly infestation inside the new home. 

This can be a serious issue which homebuyers usually neglect before buying the house. A serious inspection of the locality needs to be done by the homebuyers before making the purchase.

6. Verifying The Booking Form

When homebuyers are going ahead with the booking procedure, it is advisable that they fill up the booking forms themselves and not by the agent. They must ensure that the apartment and building number is mentioned. 

Agents may sometimes promise units that may not be currently available. If the homebuyer neglects it, then neither the agent nor the builder will take responsibility later. Thus, homebuyers should take care and fill up the booking form inside the builder’s office and get it stamped. 

ALSO READ: Mistakes To Avoid While Investing In A Property

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