If you’re on the market for a property in Pune and have to wade through a wide selection of real estate agencies, firms, companies, and personnel, developer credibility Pune criteria become your ultimate guide. What are the criteria you can base your educated decision on? What should you look for to end up with the best property dealers in the city? How do you make sure that you are not duped or cheated of your rightful property while trying to purchase your forever home? How can you be sure you are making the right choice?
There are certain steps you can take to help you make your decision with confidence that you are getting your money’s worth. The steps are the following things you can do, check and see for yourself and give yourself the best house within your means –
1. Whether the real estate agency is in compliance with legal regulations:
As per the law, a real estate company operating in Pune must have a RERA registration for each of its projects within the official Maharashtra RERA website. RERA stands for Real Estate Regulatory Authority, and a project with a RERA registration number has all the particulars needed, such as transparency, buyer’s protection and accountability, as well as agent regulation, all ticked off the checklist.
Another very important factor that comes into play for a completed or near-completed project, or even an old project, is Clear Land Title, under which the builder or another entity holds ownership of the parcel of land on which the project was constructed. This is to avoid any ambiguity or problems establishing ownership once the property has been bought. In place of a Clear Land Title, a JDA (Joint Development Agreement) can be used and will equally absolve the buyer from any property dispute between the dealer and the previous owner of the land.
2. Whether the agency can provide proper documentation:
There are many documents that must be handed over proving the status of the property. The documents include the Commencement Certificate (CC), Intimation of Disapproval (IOD), and NOCs from the Pune Municipal Corporation (PMC) or Pimpri-Chinchwad Municipal Corporation (PCMC). These are certificates of legal binding that ensure the sale and handover of the property are lawful and under government oversight. These are legal requirements that must be met before construction can even start.
Another very important document that must be handed out is the Occupancy Certificate (OC), particularly for ready-to-move-in flats. This certificate confirms that the building is safe and legal for habitation and can be moved in immediately without further inspections. This also ends the handover section of the sale, as all the remaining formalities have been completed and dispensed with.
3. Check their track record and past performance:
You can check for three things in particular when trying to measure their track record and past performance. The first thing to check is whether they do timely handovers or get stuck waiting for their marketing brochures. A company with a history of timely handovers indicates a very good, expert team at the helm who will complete the construction within the allotted time and no more. The quality of construction also matters a lot, as the materials and techniques used say a lot about the company.
Last but not least, you should find out how many years they have been operating in the market. A company that has been around for more than 60 years, such as Kumar Builders, is going to instil more confidence than a real estate company that has been around for only 3 years. In real estate construction, the longer a company has been in business, the more experienced and knowledgeable it is.
4. Whether the company shows financial stability:
Short but sweet, this point is very effective in culling out the below-average companies. When it comes to financial stability, it can be stabilised through bank ties with various high-grade banks, as they are rather proficient at conducting thorough background checks. A company’s debt status is also rather telling. Loan defaults will be the sign you don’t want to see, just like projects stalling due to a lack of funds.
Another thing you must check is whether they have many projects underway at the same time. Chances are, they are more ambitious than strategic and are not making good financial decisions. Too many projects at once may lead to serious cash flow issues, which could, in turn, increase the risk of delays.
5. Check to see if they maintain transparency and have a reputation:
A builder that is credible will not keep bringing up extra costs as surprises. They will already file all expenses and paperwork prior to the sale. Their reviews will, for the most part, be positive and come from real buyers who have engaged their services. Any legal disputes or obvious complaints will stand out for a company of a lower grade.
They will also have an associate membership of credited groups and industry bodies such as CREDAI and the Builders Association of India. These are self-regulatory groups that follow very strict guidelines and standards. A company that has membership in these places is, without a doubt, beyond reproach.
6. The Pune Market Specifics:
There are certain pointers that are applicable only in the Pune market due to its peculiar structure and geological lay among other factors. The thing that must be given absolute attention is that Pune is a vast city with differing infrastructure needs. So a project built in one area will not necessarily match the attributes of a project built in another area. Check that what you are buying aligns with your preferences
Also, don’t forget to take note of the connectivity of the area you are searching in. The Pune Metro system is still not comprehensive, and Pune has a rather serious traffic problem. So if standstill traffic is particularly unwelcome, you might do better to choose a house close to an already established metro station, or at least within the next phase of planning.
So, attend to all these points and get a home that is ready to take you in, as much as you are ready to take it in.
