Real estate has emerged as a reliable long-term investment in recent years. However, before committing your hard-earned money to a flat or commercial property, it’s crucial to evaluate key factors to ensure a safe and profitable investment.
1. Check the Builder’s Track Record
Before investing, research the developer’s past projects. Consider:
- How many projects have they successfully completed?
- Was the construction quality up to standard?
- Did they deliver on time?
If the builder has a digital presence, such as a website, you can find valuable information and cross-check it through reviews, testimonials, and real estate forums.
2. Verify RERA Registration
Ensure the project is registered under the Real Estate Regulatory Authority (RERA). You can check the RERA website to confirm registration and access:
- Project details
- Legal approvals
- Quarterly progress reports
A RERA-registered project provides an added layer of security, ensuring transparency and adherence to legal guidelines.
3. Confirm Bank or Financial Institution Approval
If a bank or financial institution has approved the project, it indicates that the property has undergone legal verification. However, hiring your own legal expert for additional due diligence is always a smart move.
4. Check Builder Association Membership
Being part of a recognized builder association adds credibility to the developer. It reflects their commitment to ethical construction practices and industry standards.
5. Beware of Assured Return Schemes
While offers promising assured returns may seem attractive, they often come with hidden risks. Always assess the financial viability of such deals before committing.
Conclusion
Real estate is a permanent asset, but a smart investment requires thorough research. By following these key steps, you can safeguard your investment and make informed decisions for long-term financial security. Kyunki PROPERTY PERMANENT HAI!