How to Check out Builders Reputation and Credibility?


Date: 30-April,2021Last Updated: 8-May,2021
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Builders Reputation is perhaps the number 1 element every homebuyer looks at before plunging into the journey towards his or her dream home!

In many cases, the dream of a property buyer is crashed when the words are not kept. The promised facilities are either not available in time or ever by the builder, which is why you need to keep your brand reputation in check tending to properties. A is a major investment of a lifetime. You would not want to take any chances; therefore, before investing or choosing a builder, you need to know more about your builder status and builder reputation in general, entrusting them with something so major.

Builders reputation plays a vital role in real estate today. As the sector boasts of a great number of builders and developers, especially in Tier 1 and Tier 2 cities are trying to grab a greater bite of the market. As a prospective buyer, it can often get confusing to choose the best builder or analyze the builder reputation.

The RIGHT builder will help you to get your dream property or home easy, and this is why selecting the right builder is vital or important because the builder is the person or the company in charge of providing you with a home or builds your dream home.

But how do you verify the Builder's Reputation Before Buying a Flat or Villa?

Fret no more as we have for you a few tips for assessing your builder reputation and their brand reputation before purchasing the property:

Background Check:

Conduct a check on the background and builder reputation by getting a list of good developers from the internet and print media and get a basic understanding and overview of their brand reputation. Doing basic research on the projects they have completed or their under-construction ones, casually visiting their offices a couple of times, thus verifying their claims as well as their office address and phone numbers, is a great way to start.

Better yet is to find a proper customer or client testimonials! More on that in the next point.

Referrals:

The world has really shrunk beyond comparison because of the internet, and now more than ever, word of mouth has become a great deal in determining the quality of a builder. Builder Reputation is now constructed on the recommendations and referrals of the family, colleagues or friends of the home buyer.

Builders and Developers Associations:

Being a part of the organizations or trade associations is a trait commonly seen amongst popular developers and reputed builders. Suppose they are part of an existing organization such as CREDAI - Confederation of Real Estate Developers Association of India or BAI - Builders' Association of India. Organizations like these take a great step towards ensuring a proper ethical code of conduct and would blacklist anyone who diverges from the same. These associations also help the builder groups stand tall in times of trouble and help facilitate financing as well.

Quality comes first!

If the projects of a builder or developer group are approved by the Governmental or Regulatory authorities, then it's a sure sign that the group actually emphasizes quality and ethics. The ISO 9000+ certification to check the reputation of the builder. International Organization for Standardization's 9001:2008 certification is really hard to come by and is based on customer satisfaction and reliability amongst other principles, and only the staunch practitioners of the same are given the same.

Track record

Obviously, it is rather practical to buy a home from an experienced builder with a good track record rather than a newcomer, even though the cases might just be reversed. But often 8/10 cases, pushes us to go for a builder with a good delivery record and who has more of a professional approach.

Besides, they will have enough transparency in their affairs and processes as compared to others, and a lack of transparency is a good enough reason for you to not buy.

Ratings and Reviews

It is rather easy to get the ratings of any business or company these days; Google has made sure of that now. However, apart from the google reviews as well a realty websites ratings, which gives an accurate idea of the builders' weakness and strengths, old school realty ratings too affect the builder reputation. Since 2010 the CREST or CRISIL Real Estate Star Ratings, as well as National Developer Ratings, are a good way to analyze the construction standards, transfer of titles, legal standards and other elements that add to a good track record which boosts the brand credibility of the builders and developers.

Financial stability:

Is the company financially stable, or is it overleveraged? Yes, this is a very important question to ask ourselves, especially when concerning the brand reputation, we have to be extra careful. Now you can get these details like the balance sheet, cash flow statement, ROC details from the concerned Registrars of Companies (ROC) office or The Ministry of Corporate Affairs website. Only a company with enough financial strength can beat off the loans and finish up the projects on time.

Yes, we realize that buying a dream home is a great deal to many, and in the process, you aspire to get your dream home, often battling out various factors, including the risking of your lifetime savings, time, effort and many more. And thus, it is elementary that you choose a developer who can give you the best in terms of quality construction, legally hassle-free land and property and so on. And thus analyzing the builders credibility or reputation is what mostly matters in the game of home hunting.

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