How to shortlist good developers?
Great, so normally what we do is go ok google check on projects available in the area where we are looking to invest and then see which all developers are having the project with all prices, different stages of development, amenities, date of handover, bank loans approved, RERA approved projects. These are basic things what we understand and now I will take you into little depth of it. So here are the points which you might already know and sometimes may be ignored..
1. How old is developer?
A new developer is not a bad developer and old developer is always a good one, vice versa.
2. How many projects are completed?
As I said if it’s new developer then you need to be little more cautioned and should always have the direct connect with the management. Understand their background and what’s the status of the project. As well as keep a check on the twice a month update on the development progress.
If the developer is an old developer and have minimum of 5 or more projects completed then do the due diligence of those projects like commencement date, handover date, delay period, services and support of developer. Never judge on delay in execution of project for 1 year as actual delay but delay is only considered if it is beyond 2 years from promise date of delivery. What are the future projects of the company?
Is it the developer company or just the marketing company (who takes marketing rights of the developers or landlords of the projects)? If it’s the marketing company then make sure you meet the real developer before entering into agreement and have all their details. Because tomorrow by chance if you getil into any kind of problems the you can directly approach the developer or the owner of the project.
These are only 2 basic things about developer which you need to understand in depth. If you are satisfied with these things then you should go ahead investing.
Hope this was useful info.. will come to next very important topic very soon and that will cover a very important information with in detail of every terminology of a project. Stay tuned
Pankaj Kumar S