Why one needs a genuine real estate advisor or a channel partner before buying a property in Bengaluru

1.) Right fit for your requirement. The right home :)

This is the first on the list, which haunts us all the time. Even after googling your way out for hours, you may not be able to finalize a project that can suit all your requirements. We know there is always something that will be incomplete. A genuine advisor can show you several options and give you a ready reckoner to compare the properties firsthand before you make your visit.

2.) Am I paying high? Is the apartment/plot worth the price I’m paying?

Yes, this is something you have to be sure of before you freeze on a home or a plot. A genuine advisor will always have this information firsthand. This will avoid getting into deals that might waste your precious time. An advisor is always thorough with a lot of key things like comparative pricing, future potential of the property, basically means the quantum of appreciation in value of the project in the future years, and the quality of fittings and materials used by the developer or builder. You can plan your visit accordingly only after a property ticks all the boxes on your checklist.

3.) Does the property have necessary legal compliances?

A genuine advisor will have all the information about the legalities of the project. They will guide you to a project that is approved by RERA and carries all the legal permissions from authorities like BESCOM, BWSSB, etc. Apart from that, they will connect you to a team of legal experts who will help you sail through this process as smoothly as possible. As a buyer, there are a few things you need to be aware of:

• Clear title deed: The property should have a clear ownership and be free from any legal issues and encumbrances.
• Building plan: Make sure that you ask for an approved building plan that will consist of zoning details and adheres to local regulations and the whole structure adheres to the sanctioned plan.
• Occupancy certificate: Popularly called O.C., this certificate is very important for a buyer as it confirms that the building is built as per the norms laid by local regulatory bodies like RERA.
• Encumbrance certificate: An encumbrance certificate is a must to check whether the property is free from any legal disputes, mortgages, loans, or litigation.
• Local laws and regulations: These give a sneak peek into the rules laid by local authorities on land use, construction, environmental clearances, power and water connection, and taxation.

4.) Timelines for completion of the project

Timelines are crucial when you are investing in a home. We understand that a lot of factors come into play, be it arrangement for the funds or managing loans/EMI tenure. A genuine advisor always has this information ready, as they will have their own network to gather this information firsthand. However, here are a few points that you need to observe before investing in a project:

• Pre-construction phase: A buyer has to be aware of the stage in which the project is. Pre-construction is very crucial where a developer collects a part of funds from the buyer to start the project. You will always be in a dilemma in this stage, like, how much is enough for now? The duration might also vary depending on the complexity of the project.
• Construction phase: Once all approvals are in place, the most important aspect of the project starts—the construction. The duration plays a very important role in this phase as it depends on a lot of factors like funds, availability of materials, labor, and sometimes even weather. It might take 2 to 4 years to complete a project of decent size.
• Internal & external finishing: Right from plumbing, electric work, flooring, painting, installations of fixtures, and fittings are done in this phase. Most builders offer flexibility to a buyer in this phase apart from some standard fittings. This gives the buyer room to customize a lot of things in the apartment as per their wish.

5.) Quality checks and inspections

Reputed real estate advisors often carry out regular checks on the quality of work, fittings, and fixtures used by the contractor to ensure that there is no deviation in the plan. Especially the reputed builders have stringent quality auditing teams who are always on the roll to ensure that the contractor sticks to the plan, hence ensuring maximum value to the buyer. Always look out for a builder who has managed to generate positive word of mouth from his previous projects.