How to Authenticate a Builder When Buying Real Estate?
Buying a house is never easy. After all, it’s a huge investment for which you can’t take any chances. So, you have to spend a lot of time finding the right location, arrange for the funds, documents, and whatnot. However, other than all this, it’s really important that you ensure that the builder is reliable too.
This is because it’s not uncommon for the builders to collect money from the buyers only to fail in their commitments later.
The following are some of the things you can look into to get a better idea about a builder before you finally give them your money:
One of the best ways to authenticate a builder and their reputation is to research them online. For instance, all major builders are members of industry associations such as the Builder’s Association of India (BAI), or Confederation of Real Estate Developers Association of India (CREDAI).
You can also check the official website of the Ministry of Corporate Affairs which is www.mca.gov.in where they have displayed the details of all the major real estate companies along with their bad history (if there is any).
A reputed and trustworthy builder will have an ISO 9001:2008 certification. This is because it is awarded to only those who are found satisfactory on 8 different parameters including customer satisfaction and customer centricity.
If you want to ensure that your house will be ready within the timeframe provided by the builder, you must check if they have obtained all the approvals from the relevant authorities such as the departments of fire, roads, sanitation, etc. You may also ask for a NOC (No Objection Certificate) and whether the building is as per the National Building Code (NBC).
Banks are extremely careful when they approve home loans. So, you can check with them whether they are giving home loans for a particular builder. If they are not, it could be because the builder isn’t considered reliable in their books.