- Price alone is not the benchmark
- What if there are legal implications?
- Can construction be completed in a timely manner?
- Prelaunches do not provide ownership
- Think before taking decisions to own your dream home
The Covid-19 pandemic coupled with the increasing Work-from-Home culture, have forced many IT professionals to move to their hometowns. People working in other small and medium-size companies too are losing jobs due to the adverse impact of the pandemic on these companies. Yet, the working-class continue to pursue their plans to own a quintessential dream home, notwithstanding the skyrocketing prices in Hyderabad’s real estate market.
Taking advantage of the people’s love for owning a home, some property developers are going all out to woo the home buyers and offering them staggering discounts on the market prices. Some of them are even giving false guarantees to buy-back or creating a fear that one cannot own their dream home, if not now.
Amid these conditions, the home buyers must maintain restraint and be extremely cautious while investing in properties. It is important that they study the market and obtain all the property documents as well as permissions obtained by the realtors. They must examine these documents as well as the history of the builder including their previous constructions in order to prevent themselves from getting duped.
With no valid permissions in hand, the builders are coming up with crazy plans and prices to win over the aspiring property owners. While some of them are explaining their plans to construct 30-40 floors in Kokapet lands, others are offering flats for just Rs 4,500 per sft in high-rise apartments on payment of entire property price upfront. They are offering flats at Rs 3,500 per sft in Kollur, Rs 3,000 in Uppal and Rs 2,500 per sft in Pocharam, based on the advance payment.
One has to understand that majority of these companies are newly-established and have no credentials to prove their authenticity as well as previous experience of building such projects. Home buyers should also examine as to why other reputed companies in the respective areas were not offering similar discounted prices. Those seeking to purchase properties should crosscheck if the builder is capable of completing the project within prescribed time else they might end in projects like Aliens Space Station at Tellapur which has not been completed even after a decade.
They should also consider the aspects like whether the builder has adequate knowledge about the construction industry, is capable of hiring skilled professionals, ensure quality of the structure and other such parameters. Consumers must think twice before investing in such properties.
