Under construction? Keep in mind

Real estate in Bangalore is booming, faster than ever. The city is expanding from all directions and even within existing city limits, the number of residential projects and flats in Bangalore are on the rise. Whether you are looking for a villa or a 3BHK apartment for sale in Bangalore, you need to undergo exhaustive (and exhausting) research along with elaborate planning. As Bangalore is expanding, from flats in Horamavu to apartments in Whitefield, there are a large number of considerations to be made while investing in a property.

READ: Will it be a villa? Think twice.

Apart from putting your faith and resources in only reputed property builders in Bangalore, there are few things one must keep in mind, especially when one is looking at under-construction projects.

First and foremost: Is the project RERA compliant?
Compliance with the Real Estate Regulatory Act is essential and crucial when you are investing in an under-construction project. RERA-approved projects allow you to worry less about deadlines and possession dates. All related information will be available on the RERA website along with confirmation that the project complies with the many approvals of different government departments like water, electricity, fire safety etc.

Is the developer trust-worthy and bankable?
Ensure you do your background research about the builder. As the sector develops, there are also a large number of companies who may not deserve the trust you give them. Check their website, their past projects, and financial declarations if at all. You can also do a word-of-mouth research by asking friends, family, and acquaintances. Trust only reputed builders like DSR who have successfully sold out luxury apartments in Bangalore the likes of DSR Lotus Towers among other acclaimed projects.

Did you get a title deed?
This might be a seemingly obvious thing to obtain. However, always ensure you ask the builder for the title deed along with all the project papers. Get these examined by a professional at the earliest as there are many nitty-gritty details. Your lawyer can also assist you in verifying the occupancy certificate in time.

Have you made a site visit?
Make as many site visits as you can after the paperwork to be up to speed with the facilities that are actually available inside the project. This will help you keep a track on the status as well as monitor the authenticity of the project plan. Not only that, it will also help you understand the locality better and estimate appreciation rates.

Looking for a loan?
If you intend on taking a home loan, seek out the well-known banks that are giving loans on the project. Not only will it give you an assured line of credit, the bank’s own evaluation will also help you ascertain whether it is a trustworthy project or not – for a bank will only lend to you if it is an esteemed developer and/or the project seems sound.