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It is right to educate everyone those who purchase property either land or house. Instead of conveying what to do while venturing on property it is very correct to point out the general mistakes and over confident approaches which will result in damages to the purchaser. So we have summarised the points one by one:
1. Many people purchase through middle men / brokers. They believe them strongly and go with their commitments and assurances. Ultimately the purchaser and seller will only handle things.
2. Largely many don’t approach their legal consultant in order to save few thousands. Or they don’t know anyone. They simply assess with allied parameters like Seller face value, Brokers words, Friends words etc.
3. They like the location and their curiosity to be an owner in that location closes their eyes and mind to go with the property without proper checking.
4. Many venture with un-organised, un-recognised or unprofessional people like Mason developing houses or some individuals developing projects. They are not traceable after the project completion. They are also not financially sound to compensate the loss or damages to the purchaser.
5. Existence of establishment, their completed projects, consistency in delivering projects etc are not considered.
6. Builder’s location based experience not taken into account. Some builders will be good in one location and they don’t know the problems of other location. They approach the project with their past experience and after few years of completion the project start giving trouble. E.g. clay soil land, salty water location, flood prone areas, etc.
7. Many invest on land in a far away distance and they never find purchasers at the time they want to sell. Proximity to road and possible future development for day to day need etc are not taken into account and simply they invest on lands. All such investments will result in paper investments and not as realizable investments
8. Largely no importance is given for quality of work. What the buyer need is a house/ flat within their budget. To compensate they end up in poor quality buildings which will lose its value within two years of construction. One or two lakhs they saved initially will result in full loss of investment in future. They don’t find purchasers, tenant and they don’t get right return for their investment. The property becomes a big headache to the purchaser.
9. Deviations and violations are not taken into consideration while fixing the rate for the property. Those who do construction as per norms are compared with those who violate the norms. For cheaper budget they end up in violated projects. These properties could not be sold at right time with right price. No bank will fund for this or give mortgage loan. With huge investments the purchaser ends up in trouble.
10. Same level economic class are not studied. Single, double, triple and four bedroom apartments are purchased by different class of people with their possible budgets. This results in non cooperation for contribution to the association maintenance. This affects not only the building value but also the neighbourhood relationship.
11. Distance of the project from market, hospital, bus and railway station, road width, traffic congestion, public transport cost, private cab facility etc are not surveyed and decisions are made on beauty and lonely ambiance. Threats from antisocial elements are not calculated.
12. Commitment from the seller about their post sale service and their proven track record on post sale service are not considered.
13. Proven, fast processing housing loan companies are ignored for interest rate difference and unexplainable fear. They go with nationalised housing finance banks and run pillar to post for more than two to three months for getting their sanction and disbursement. This increases the cost to the flat by way of interest for the delay in payments to the builder.
14. Escalation price clause and duration of the project, compensation for delay in delivery and delay in payment by purchaser to the seller are the areas generally not read.
15. Inspection of buildings completed few years before by the seller in the same location not done.
16. The duration of the office address in the present location and previous location etc are not considered while approving a seller. All such information can be searched online.
17. A person who is already an owner of that project is not contacted or discussed with, about the pros and cons of the project.
18. Thorough research on the work done by different builders in the same location regarding quality, facilities and price is not being done.
19. Several supplementary costs such as parking space cost, registration cost, service tax, stamp duty, home loan processing fees, club maintenance cost, electricity charges, transformer charges, maintenance deposit, preferred location cost etc., are not calculated before finalizing the property cost.
20. Even though, we buy bottled water for drinking and cooking purposes, the ground water is also very important as its usage is more in our daily activities. But unfortunately, this factor is not investigated at all.