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How To Evaluate A Real Estate Developer?

How To Evaluate A Real Estate Developer?

How To Evaluate A Real Estate Developer?
Dreamstime

Finalising a deal for a home should be a well-researched and thoughtful decision as you will be investing your hard-earned money into it. But, before you sign on the dotted line, you must evaluate the real estate developer on all the parametres. Howsoever difficult it may be, a thorough inspection will hold you in good stead in the long run.

MakaanIQ lists parameters on which you could evaluate a developer.

Background check

It is the most important point of evaluation. As a prospective customer, you should be aware of the name of the developer. His goodwill in the market, stability and active presence in the industry are matters of concern that you must focus on. Brand value is another factor that makes a developer standout.

Past projects and quality

The work of the developer will speak for its authenticity. Check the past projects delivered by him. A quality check of the past projects can also give an insight into the type of quality and project he will deliver at the time of possession.

Legal advice

Taking an opinion from a legal consultant can help you in making the final decision. A legal expert can help you check if the developer has all the necessary approvals and is following the building codes in his projects. The land where the project is coming up should be approved by the authority so as to avoid any future legal complications.

Financial position

It is important to check the financial position of a developer and how he manages his funds. His source of funds should not directly be affected by market sentiments. How he manages his funds can help you judge his success rate. Timely completion and delivery of his projects are also affected due to his financial position.

Reviews

Taking reviews from past customers can give you a better picture of the work of the developer. You can also refer to the customer feedback provided on several real estate websites. Ask buyers about the facilities and maintenance provided by the developer and the delivery time.

Last Updated: Tue Aug 09 2016

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