The Indian real estate industry has transformed, especially since the Real Estate Regulatory Authority (RERA) Act was introduced in 2016. Created to protect homebuyers from property fraud and unfair building practices, the RERA Act was crucial in promoting transparency and regulating the real estate market.
However, many new real estate developers in India still need to give residents timely possession of their homes. This can be because of many reasons, including lack of experience, property disputes, delayed approvals, bad planning, poor budgeting, and more.
Choosing a real estate developer is crucial if you are searching for a new home. One of the most important aspects to consider is whether the developer adheres to possession timelines.
Let’s look at some of the reasons why you should choose a real estate developer that adheres to possession timelines:
One way that reputed developers ensure timely delivery is by standardising practices across their operations. Reputed builders usually have a structured organisational flow, fixed guidelines for construction, and efficient internal and external communications systems, among other standardised processes.
By streamlining processes and practices, real estate developers ensure that the home-buying process is seamless for both, them as well as their customers. Not only this, but this also makes sure that there is transparency and accountability between both parties. Standardisation is a crucial step for reputed builders that adhere to possession guidelines.
It is no secret that technological innovation has seeped into every industry, and real estate is no different. Reputed developers now understand the importance of evolving with the times and using technology to their advantage.
To ensure timely delivery, seasoned developers plan every aspect of construction well in advance. This process includes budgeting, gathering information, defining the scope of work, procuring equipment and materials, asking for relevant approvals, and planning execution timelines, among other things.
Efficiency and thoroughness during the planning and design stages will make the actual construction stage go more smoothly and promptly. By working smarter and planning, Grade A developers can also avoid any potential surprises and delays and ensure that they stick to their timelines. In turn, this allows builders to complete their projects on time and hand over possession of the homes to buyers on time.
Every quality real estate developer knows that their consumers’ trust is paramount. To build this trust, seasoned developers make sure that they have a good track record of timely deliveries in the past. After all, good deals and amenities mean nothing when buyers have to wait beyond the stipulated time to move into their homes. It is always advisable to go with reputed developers with ample experience and a good reputation within the industry.
One way to learn if your chosen developer has a good reputation is to speak to people who have previously purchased homes. This will help you get all the information you need to make an informed decision.
Another key tool that helps real estate developers ensure timely delivery is their financial standing. Builders must have ample funds to complete their projects, which is independent of sale revenues. This ensures a steady cash flow across all aspects of the construction, which is key to staying on track and handing over possession on time.
If your chosen builder does not have the financial strength to complete their projects, chances are you will be left in the lurch while waiting for another builder. This is why you should research every builder that you want to work with and check their financial standing. While some developers share their financial information on their websites, you might have to do some extra digging for others. Developers with good financial standing are more likely to complete projects on time.
When a developer adheres to possession timelines, it provides legal protection to the buyer. Possession timelines are typically included in the sale agreement, and failure to adhere to these timelines can result in legal action. By choosing a developer that adheres to possession timelines, you can ensure that you have legal protection in case of any delays.
When a developer adheres to possession timelines, it provides peace of mind to the buyer. It means the developer is committed to delivering the property on time, and you can plan your move accordingly. This reduces stress and uncertainty, allowing you to focus on other aspects of your move.
In conclusion, choosing a real estate developer that adheres to possession timelines is important for a stress-free and reliable property buying experience. It provides peace of mind, financial stability, avoids unnecessary expenses, maintains professionalism, and offers legal protection. Before making a decision, it is important to do research and select a reputable developer with a track record of delivering projects on time.