The real estate market in India is big, and it is also getting projected that it will achieve the market size of US$ 1 trillion by 2030 and contribute 13% to the GDP by 2025. Finding an appropriate apartment for investment in such a vast market can get challenging. As a home buyer, you will get spoiled with choices. You will also need to do some meticulous planning, research and obtain some technical know-how. Besides, getting inclined towards under-construction projects is bound to happen as it is a lucrative proposition. An under-construction project offers you benefits like easy payment, high returns, more choices, and being the first owner of a new property. However, before investing in an under-construction flat, there are a few things which you need to check.
Q1. Is the Project Real Estate Regulatory Act (RERA) Complaint?
If you are planning to buy a property that is getting constructed, then you should check for RERA compliance. By investing in RERA approved projects, you will not have to worry about project construction deadline and possession date. You can get all the project related information from the RERA website. Besides, you also get the confirmation that the project comes with various essential approvals like that of the municipal corporation, water and electricity department.
Q2. Is the developer renowned and financially stable?
Along with RERA registration, you need to carry out due diligence on the developer. It is essential to check the track record, financial declaration and previously completed projects. Such details will give you an idea about the project quality and delivery.
Q3. Can you get title deeds examined?
You should ask the developer for the title deeds and all the project papers and get them examined from a lawyer. There are many intricacies involved, and only a professional lawyer can help. You should get details like land use, title deed and municipal corporations approval documents. At a later stage, you can seek the help of a lawyer for verifying the occupancy certificate too. This kind of legal check for property is essential.
Q4. Have you visited the project site?
After the paperwork, it will help if you plan multiple site visits. You should go and check the facilities that are available inside the project. The facilities offered to you should match with the work in progress on the site. Besides, you should also go and see the locality. If the builder informed you about upcoming markets, school, hospital, mall or other infrastructure in proximity, then you should check that too. All these will have an influence on your home value in the future.
Q5. Is the timeline reasonable?
With the implementation of RERA, some developers are proposing an extended project completion deadline. However, after visiting the site, you will get an idea about the project completion, and you should go by the period proposed on the RERA website. If you feel that the timeline is unreasonable, then it is better to opt out from such an under-construction property.
Q6. Are you monitoring the work in progress?
Before you sign on the papers, you should make some frequent visits to the project site and observe the progress. You can also take the project progress plan from the developer and check if they have met the timeline. This project progress plan should be for the complete complex and not a single tower or flat.
Q7. What loan options are available?
If you plan to avail a home loan, then you should check if prominent banks are offering loans on the project. The banks will evaluate the developer and project before sanctioning the loan. So, if you invest in a project of a prominent developer, you can easily avail of home loan from most banks at a competitive rate.
Hopefully this checklist will come handy and useful in your home buying process. If you are looking for a quality under-construction project by a prominent developer in Bengaluru, then it’s time you know about Valmark. The group stands tall for making quality housing societies and have been serving the people of Bengaluru for decades. There are different under construction apartments near Bannerghatta road by Valmark. However, if you want some option, which is nearing completion, then plan a site visit to Valmark Orchard Square.Nestled in JP Nagar 8th Phase, this beautiful and surreal high-rise apartment offers luxurious dwelling in budget. There are plenty of facilities and amenities and various unit configurations making this project in South Bengaluru indeed sought after. Make a site visit, and our meticulous team will help you in your home buying journey. When its Valmark, everything is transparent and comfortable.
