An under-construction project offers many benefits to buyers. Developers in Bangalore offer several incentives and offers to attract as many potential buyers as possible. The glitzy brochures, eye-catching ads, payment flexibility, and lower prices are some of the strategies used to sell under-construction properties. Although these seem lucrative, the home buyer should not get swayed by these freebies. Every home buyer should follow the due diligence required before finalizing the deal.
Let us look at important steps to a hassle-free process of buying an under-construction property in Bangalore:
1. Research
Bangalore is the country’s premier real estate market growing significantly. Many residential localities with many developers offer different types of properties at different price points. Doing extensive research on all the under-construction projects in Bangalore will form a basis for short-listing potential properties that meet your expectations and criteria. The projects can be shortlisted based on the location, price, configuration, and facilities provided.
2. Legal Due-Diligence
After short-listing the projects that suit your requirements the next step is to make sure the property has clear titles and all the necessary paperwork concerning land and government approvals is clear. The said and should not have any pending legal disputes or ambiguity. The builder should have the necessary permissions and certificates from the authorities that certify that the construction work can be carried out.
3. Approvals
The builder should have the project plan approval which sanctions the project layout and important details like the number of units and floors for the buildings. The builder should not deviate from the approvals and undertake illegal extra construction reducing the open spaces approved in the project.
Choose a project that is pre-approved by major banks like SBI, ICICI, HDFC etc to provide home loans. These banks carry have a robust due diligence procedure and carries out all the verifications in advance so that they can approve home loans swiftly.
4. Developer’s track record
The reputation of the builder for their previous projects becomes vital when considering an under-construction property. Since there is no basis on which one can judge the builder on the delivery of promises they make, the developer’s track record and reviews of previous projects are the only means of knowing if they are genuine. Also, this will give an idea if the project meets the deadlines that are declared and if the quality of construction and amenities will be as promised.
5. RERA details of the project.
As per the RERA Act, the project under consideration should be registered under RERA. The claims and promises like the project plans, amenities, facilities and timelines made by the developer can be cross-checked on the RERA website with the RERA number. RERA ensures that developers adhere to strict project timelines and deliver on their promises. It also ensures that the buyers have a redressal procedure in case of grievances and disputes.
6. Property Prices
The home buyer should be aware of the prices of properties in different locations in Bangalore. Depending on the locality, the property prices of the project, like the villas in Whitefield that are under construction, can be evaluated. Also, the prices of under-construction projects are usually less than ready properties. Home buyers can save significant money if they book during the under-construction stages. There is also room for negotiations at this stage of the project which can further benefit the buyers.
7. Payment Schedule
Most developers offer flexible payment options for under-construction properties. Usually, the property can be booked by depositing 10% of the quoted property value. The balance payments can be paid flexibly spread out over several years till the possession of the property. This can decrease the financial load on the home buyer. The payment schedule should be obtained and studied to avoid surprises at a later stage. Most 2, 2.5 and 3 BHK flats for sale in Bangalore offer payment schemes that are convenient for first-time home buyers.
Buying an under-construction property in Bangalore can be rewarding if approached with diligence and care. By following the steps of doing the research, making sure that the developer and the project are credible, and knowing all the information, homebuyers can successfully invest in a home that meets their aspirations.