Saritha Developers is listing below a set of frequently asked questions (F.A.Q.s) to help you establish some answers quickly. You may reach us directly in case if your inquisitiveness triggers more questions. Just drop an email or even better, call us to get all your answers.
1) How do I reach the decision if I am getting the right price and values?
It’s always advisable when you are researching to buy a suitable property, decide on top 5 parameters of your purchase. The most critical areas of reaching a prices decision is location, construction quality products and execution, features, amenities, legalities, nearby developments, delivery period, size of flat and most important the service, transparency and post-sales support builder gives. Compare all the projects in the nearby vicinity and then make the decision by seeing the past projects and taking a feedback from their previous projects. It’s always suggested to check their past records by seeing how their previous building/ flats withstand after few years of delivery by seeing their past projects and interacting with previous customers. Most importantly don’t go by break up of prices list. Always compare net payable price of flat / total size of flat you are getting to reach a price comparison.
2) How to ensure will I get the quality promised?
The best way is to see their brochures of previous projects and seeing whether they delivered the quality promised in the previous projects. Further always see physically how past projects withstand the weathering with time. Also see the past track record of promoters of company. If possible ask them to show samples of products planned.
3) How can I be confident will I get project on time
Seeing is believing but doing due diligence is the best methodology. The best way is to see the online review and interact with previous customers and to ensure if they delivered in past on time. A professional will be always adhering to promises while a repeated offender will continue to blunder. Further, getting the dates on delivery in agreement could be useful.
4) How is RERA helpful to me as a consumer
Rera is a specialized authority to ensure consumer protection. If builder defaults in quality or delivery or any other commitment you can approach rera authorities with your grievances to be addressed. Always check if the developer has rera approval number. However it is advisable to reach authorities when a problem is beyond a manageable proportion to be addressed peacefully.
5) How do to ensure property is legally clear.
While booking the flat ask the builder the legal file of project and also check rera approval no. take a commitment from builder if there is misappropriation on legalities he will return you 100% booking amount. Typically all builders must give you 15 days to verify titles with your legal attorney and in case of any question by your legal attorney builder clarifies them. Once your legal attorney clears the property only then go ahead with your legal agreements. A market reputation check of builder is always helpful, don’t get misguided by big advertisement and publicity. Lot of big names has been defaulters in past.
6) Can I be confident if SBI or any nationalized bank if they have approved a project for home loan, is legality clear and project delivery
This is more of convenience myth than a fact. Each bank has a legal team which checks the titles before approving for home loan, hence nationalized bank approval on project quality, delivery and legality is a strong myth. Banks are not in control of delivery, quality tax or govt compliance of builders projects as bank role is only to release funds when the appropriate stage of disbursement arrives as per agreement between the seller and the buyer. Further bank always extend loan facilitates upto 80 % to 90% maximum as they wish to keep their risk mitigated in case of arise of any issue.
7) What is fixed or floating rate of interest
Normally Fixed rates are fixed for a specific tenure from 3 to 5 years and not fixed for entire tenure of loan. Floating rates vary without any prior notice as bank changes based upon RRP rates of RBI and market conditions. The best way to decide which loan to go is understand the market dynamics whether loan will go upward rate or interest or downwards.
8) What is difference between Possession and Completion
Possession typically means the time when the developer gives the flat/ villa for starting interiors and completion normally will mean the time when the builder fulfills all the commitments, completes the entire building as per promises done at the time of sales.
9) Bigger builders will normally deliver on time and property growth will be higher and easy to sell
This is the biggest myth prevailing though in some case it may be true also, isn’t their case studies across india where biggest builders have delayed most abruptly or never delivered. The bigger the project the more delay in handover so always calculate your pre emi, rental etc before you actually reside in your property. Further bigger developers always keep a premium margin before selling so you already purchased at a higher cost. The easy to sell factors arises from location, quality of projects and overall market dynamics
10) Builders are not approachable after sales and there is lot of complication post booking
The most crucial factor before buying a property which people neglect and get carried away by fancy advertisement. Always question whether whom you will be dealing sales team or top management of developers. Does builder share everything clearly with the buyers and there are no hidden clauses. What’s is the process they follow from selling till handover. Can you approach promoters if needed? Do their team have a culture, values and ethics to resolve your issues at the earliest?
11) Can I get additional benefit under PMAY
PMAY come with specific conditions such as it should be your first family homes, your income should be less than a specific annual income slabs and size of flat/ property should be below a specific size. If these criteria are fulfilled one can get PMAY benefit