Offline checks before you buy

Real estate is a big ticket item; a great deal of contemplation is required before you sign on the dotted line. A visit to past projects is a must and gauges the level of satisfaction of past buyers. Next, try to find if the developer has a strong intent to deliver the project on time. One can make a successful purchase decision only upon feeling the vibes you get after visiting the project site.

Check whether the builder has received all the approvals. A prospective buyer must insist on seeing all the relevant documentation related to a residential property purchase, including clear land title, development permits and the commencement certificate.

Before writing the first cheque, clarify all your doubts in a face to face meeting with the builder and take all his commitments in black & white. Ensure the price being quoted is all-inclusive.

What are the risks involved?

Online transactions in the real estate sector are different from those taking place in clothing, FMCG or electronics. You can go online and search for the price of a cell phone and the results will throw the best website to buy that phone with complete information on the product.

In the real estate space however, while some developers quote only the basic price, others quote the basic price with IDC and EDC (internal and external development charges), and some others quote it with the service tax and others without it. So, while you could get many price quotes, you can’t be assured that more charges will not be tacked on later.

It is therefore imperative that one does both a thorough online as well as offline scrutiny before inking any real estate deal via the online route.