Featured Image Caption: Shapoorji Pallonji Joyville Gurgaon
When it comes to civil engineering, Shapoorji Pallonji is a brand to reckon with. India has seen a steady rise in real estate projects in the last few decades. But there have also been numerous cases of failed deadlines and fraudulent constructions. If you are buying a home, it is important that you buy it from the best. Shapoorji Pallonji Joyville at Gurgaon is a good choice. You have the comfort of dealing with a renowned brand. In addition, you get assurance of the best construction quality.
The RERA (Real Estate Regulatory Act) has put all estate developers under some pressure to complete projects within a stipulated time. Buying a home involves a huge and prolonged expenditure. So, it is natural that you want to deal with the best in the business.
Run a background check on the developer
Buying a home is one of the largest financial deals you are likely to take part in. Maybe you are buying an apartment at Shapoorji Pallonji Joyville. Or you are looking at a property at Avon Vista, Pune. The cost of the property could go into lakhs and crores of rupees. Luckily, lenders like Bajaj Housing Finance Limited offer loans of up to Rs.3.5 crore. But even if a loan is readily available, you must check that the property is free of any encumbrances, legal or otherwise.
If you have chosen the right developer, your process of buying a property could become hassle-free. An experienced developer knows how to satisfy a buyer. Such a developer may also have a track record of completing projects in time. The time required to complete the project could play an important role in your getting a home loan, an EMI holiday, or a top-up loan. So, it is preferable to choose a developer that can stick to a deadline.
Before you sign a deal with a real estate developer, you should know how many projects that developer has completed successfully. You would not want to take any risks while making an important financial commitment such as buying a home.
Things to check before buying a home from a developer
Once you have selected a property, you must run some inspections to stay on the safe side. These inspections may relate to the land or the seller.
First, make sure that the property is free of any encumbrances. The property should be free of any legal dues. Ensure that the land has not been pledged to any bank as security for a loan. You should also check if the developer has environmental clearance to build on that particular plot of land.
Second, check if your developer is RERA certified. You do not want to deal with a developer that is not certified with the regulatory authority. Furthermore, the developer should have a complete right over the land and not just the right to build.
You should proceed if all the paperwork is in places. Ensure that the project has a green signal from the local authorities before signing the agreement.
Developers may affect your loan approval
When you apply for a home loan, the lender runs a thorough inspection of the property you are buying. This is because you are likely to keep the new house as a mortgage until the loan is repaid with interest. Suppose there are irregularities in the paperwork or doubts regarding the capability of the developer. These would raise red flags and your application for a home loan might be denied. Such a rejection could hurt your credit record. So, it is better to run a background check on the developer before taking a step forward.
Have you already shortlisted a property? If you are looking for a home loan, compare the offers from different banks and non-banking financial companies.
By Gaurav Mittal
who is a Content writer and he loves to write about Finance & Insurance Articles.