Indian Real Estate : Challenging Face

One of the sectors with the greatest potential to carve a niche for itself in the global market, Indian Real Estate also has to face also has to face and successfully tackle the thorny question of unscrupulous builders who do not live up to the promises that they make to the customers and become a hindrance in the path of success the industry.

We shall now take a look at some of the common problems that are faced by real estate buyers, and the way, certain unscrupulous builders create the wrong image in the minds of potential customers all around the nation. My aim is not to scare away investors and buyers, rather my objective is to make you cautious so you can avoid getting duped.

• One of the most common complaints of buyers against builders is regarding the specifications of the built up area and the carpet area. Buyers are often misled by some builders regarding the money that they need to pay for the area that they are investing in. One needs to check and measure the area and make sure, that they are paying for the carpet area only and the rest needs to be specified separately under separate terms and conditions.

• Customers are frustrated and tired of some builders who inevitably have hidden costs to offer with any transactions you make with them. People invest and book a flat or a house, with a certain monetary budget and plan, which is totally wrecked by such hidden costs. There are many builders, who incorporate hidden costs in areas that would not be easily detected by the common man’s eyes.

• The commencement certificate and its verification is a must to ensure that the building construction is authentic and under the legal specifications that are laid down by the local legal authorities. Often we hear of cases where buyers found to there detriment that construction has been stopped since the builder lack proper permission.

• Quality is yet another area, where the builders prove themselves as unscrupulous. Many a times, builders do not provide with what they initially promise. There are horror stories of buyers finding cheap local made fittings in bathrooms instead of branded quality promised initially. Often builders promise a plethora of amenities like swimming pool, gym and so on to attract buyers but these never really materialize.

The desire and greed to make huge profits and earn more money than ever estimated, builders often fall back upon these corrupt means and methods. These builders are creating the wrong impression about Indian real estate sector which as a builder myself, I feel we need to combat. A buyer needs to be aware and careful at all times in order to stay safe from such damages and botherations. Forewarned is forearmed and if this article helps you to reject unknown builders in favour of a more well known and reputed one, I will be happy that my work has been done.

Mumbai,India