Investing in ongoing projects in Pune is a smart choice. The number of ongoing projects is on the rise, and they offer several benefits to the buyer. Ongoing projects are usually cheaper than ready-to-move-in projects. The builders are marketing their projects and want to offer incentives for the buyers to invest in their projects. They also offer benefits and freebies to lure investors and buyers. As a result, many buyers are lured into buying these projects. In such situations, certain facts should be checked to avoid regrets later.
Let us look at these:
1. Legal Due Diligence
The land on which the project is being developed should have clear titles. This should be verified by checking the relevant documents. Make sure that there are no pending legal cases on the land as this may cause the construction to be stalled. This will result in unnecessary delays. If there is a case lodged against the project then it may take several years for the case to get solved. The project will take a very long time to complete. This will result in many financial difficulties causing stress.
2. Certificates and Permissions
The builder should have all the legal permissions from the municipal authorities and regulatory bodies for the commencement of construction. The plans for the building should be passed by the authorities without which the construction cannot start. Check the project details on the RERA website and see if the details match those mentioned in the brochure. The details include the carpet area of the apartment, plot area, expected time of completion, and delivery amongst others.
3. Builder Reputation
Some research about the developers in Pune will reveal if they can be trusted. Investment of such a large scale cannot be risked. If the builder is reputed then one can rest assured that the construction quality and delivery time will be as promised. If the builder is new, then the previous project should be checked. One can get a fair idea after speaking to the residents in these projects. In the case of ongoing projects, this step becomes more important as the project is not completed.
4. Pricing
Apartments in Pune have different price points depending on the category they belong to. Check the prices of different projects falling in the same category. This will help in estimating if the project in question has been priced as per market standards. This will also provide a basis for negotiating prices with the builder before sealing the transaction. For example, 2 BHK luxury flats in Pune have a price range depending on the location of the project.