How to Verify a Builder’s Reputation before Buying an Apartment?

How to Verify a Builder’s Reputation before Buying an Apartment?
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Investment in property has traditionally been the preferred way of keeping your money safe and multiplying further. But before buying your dream home, you do need to check the builder’s reputation. Ensure that the apartment you are planning on buying is top-notch in terms of quality of construction as well as legal status. Given below are some ways to verify your builder’s reputation:

Online Portals

The internet is a great place to begin. Social media can give you a great insight into the builder’s ratings and authenticity. Checking grievance portal sites will also give you more information on the builder’s relationship with customers as well as their reputation.

Opinion of Current Residents

You can also visit homeowners of the builder’s previous projects and get an authentic opinion on their experience. Find out about timely handing-over of project, post-sales services, transparency of sales, and transition of vision to reality, etc. This should give you a good picture of the builder’s liability.

Prior Records

It’s always better to buy from a builder with prior experience. Reputed builders are usually members of niche groups and prestigious industry organizations such as CREDAI (Confederation of real Estate Developers of India) and BAI (Builder’s Association of India). These self-regulatory bodies provide strict rules and regulations for builders and any deviations from the norm can lead to builders getting blacklisted. Memberships of such organizations are only reserved for the best builders.

ISO Certification

Check if the builder has the International Organization for Standardization certification. If the builder has an ISO 9001:2008 certification, it means they have been audited and certified for quality management systems and timely handover of projects.

Financial Status

Many transparent builders put up annual financial reports on their websites so you can check if the company is overleveraged and has loans or in debt. Strong cash flows will mean a positive outlook for the company and the suggestion that your apartment will be ready in time.

Builders with sketchy reputations don’t operate on a large scale. The size of their projects and their online and offline presence will also say a lot about them. It will also help you compare different builders and choose the best one when buying an apartment!