Eyeing a real estate property in Chennai, but not sure which builder to buy it from? You got to this article in just the right time.
Luxury apartments in Chennai are one of the hottest selling properties, but there are plenty of developers who offer them. It is also a major financial commitment and you want to get your money’s worth in workmanship, quality, and hassle-free handover. Choosing the right one will help ensure that you get the perfect home, with no legal or physical issues with the flat over time. With that said, let’s head on to the 5 most important tips for choosing your builder.
Industry Experience and company history:
Knowing where your builder comes from helps build trust. Over the years, there are many inexperienced and new developers on the market. It would be better to go with a builder who has a few years under the belt in residential construction; the longer the better. Always check the company details ahead of initiating an interaction with them. Check their website to trace back their public presence and previous projects. You can check for reviews left by employees and customers on Google and other feedback sites, get a fair picture of their construction quality, and their reliability.
Quality of construction:
By checking with customers in previous projects, you would understand the overall proficiency of the builder, but you need to know how the construction in the current project is. Head on to the site of the luxury apartments in Chennai that you are interested in. You can see things for yourself, as to what kind of materials they use, the kind of technology employed in the construction, what kind of quality testing they do at the site, and how knowledgeable the engineers are. If everything is up to the mark, then you can cross off the second item on your checklist.
Delivery timelines:
If the construction quality is good, but the builder has a reputation for delayed delivery of projects, you should take a deeper look into them. Most construction delays occur due to natural disasters, unforeseen labor sourcing issues, or material delays, but these are promptly resolved, and the delay is within a month or so. However it could be due to funding issues, which might result in cheaper material swapping, and delays that put a damper on your personal and financial plans. So unless the delays were caused by funding, you can still keep the builder within your options.
Due diligence:
Due diligence is a comprehensive appraisal of an organisation or business, to establish its assets and liabilities. This may seem like a daunting task, but most documentation is on public record, and companies are obliged to show that their documentation is in order. Have them produce the legal documents and approvals like land title, building plan approval, local municipal approvals, etc. The property shouldn’t be under any legal dispute. You can also check if the builder is tied up with national banks for their funding, as this can also help speed up your home loan process if you are taking a loan. Spend a little time online with real estate experts, to reveal these valuable inputs about the developers in question.
Project Pricing:
Ultimately, any investment boils down to how much you can afford to spend. Check the guideline value for the areas you are interested in. See the general trend of the rates of all builders with projects in the area, and finally, the price that the builder you want to choose has listed. Discuss the rate negotiations upfront, including the pricing, payment plan, and other extras like security deposit, maintenance fee, etc. Check out what kind of facilities and amenities that the builder provides to justify that rate. This also has an impact on the appreciation of the property.
Keep in mind that property investments are a lifelong decision. So you need careful consideration and deliberation before selecting a builder. If you end up with the right one, you might even end up buying multiple properties from them. Lifestyle Houses are one of the best builders involved in developing luxury apartments in Chennai. We have affordable 2 BHK flats in Porur, which you can check out!
