Mr Upadhyay was in a fix. Throughout his illustrous career as a metallurgist, he had bought a few real estate properties. He liked to consider himself a stalwart in matters related to property purchases.
His strategy was quite simple. He would go for builders who had earned themselves a name through their real estate projects or from a corporate stronghold. For him, this strategy was unshakable, his endeavours producing stable and average returns each year.
However, one such endeavour proved to be his undoing. Convinced that his process was unsinkable and that brand value was paramount, he entered in to a project armed with the spectacular brochure and a lot of his hard earned money.
2 years after entering in to the project with 2 apartments booked, something did not feel right! The glorious promises skillfully laid out in the brochure seemed to disappear one after the other. Mr. Upadhyay decided to wait and watch and moved his family in to one of the apartments that was handed over after much delay and trials.
He watched the construction of the other apartment each morning, as he stood on his balcony holding a cup of tea. For months nothing moved and then there would be brief flurry of activities. Meanwhile, he kept receiving letters demanding payments for segments that were mentioned as complete but were not even stated. On confronting the representatives with this issue, he was sent a written note of apology and that was that. Soon, the looming deadline was breached…months rolled over in to years. Mr. Updhyay sat with the Agreement of sale with the section that offered compensation for the delay. He wrote letters. There was no response.
After years of holding firm on his ideas, Mr.Updhayay at last started doubting his strategies. But it was already too late. Too much of his money went in to the project and he could not exit without incurring heavy loses. The builders also did not keep their promise of amenities like a hospital complex, a small shopping centre, the club house, the library and so on. Soon, they were pushing for a new agreement which made the prospective owners lose all claims on compensation.
Distraught, he went over the agreement in detail. Nothing seemed to match up. Whatever was agreed upon was not delivered while he paid through his nose every step of the way, starting from the hype created by the builder, to the brochures and advertisements, to the agreement of sale (when the party fails to deliver, legal discourse seems to be the only way out for the buyer), the prices when the prices of all other aggregates are constant, the sale-able and livable area, project delays, inferior construction, workmanship and material and reduced open spaces.
These are some of the problems that plaque the hapless buyer when they invest in a home.
Due to the sector being unregularised to a great degree, one has to enter in to this field carefully and strategically. Educating oneself on these various aspects can save a ton of money, time and other resources and provide some respite and peace to the buyer (be a first time home owner or a seasoned buyer). Sites like Realty Compass aim for exactly that. They help the buyer mainly across the segments that confuse the buyers and complicate the entire process of home ownership and provide:
# Detailed Information of each and every project across 80+ Data Points
#Details of Additional charges
#A detailed carpet area and floor plan analysis
# Ratings for every project
#Help buyers compare similar projects in detail
Currently covering some of the major cities across India, their service gives you a detailed idea of what to expect from the property you are looking for, the parameters to consider, similar projects, plan and area analysis etc.
Let’s take a hypothetical example:
Suppose you want to invest around INR 10 Lakh in a residential plot in Hyderabad. Using the site, you can simply narrow down your search and based on priority of rating, you will be provided with choices. Now you can simply go over each choice, study in detail, read the reviews, ask for reviews and then make an informed decision. The site streamlines information like connectivity, neighbourhood, builder rating and other factors and brings you a holistic over all rating of the property.
That’s not all! They add to the awesomeness by also providing you with an annualized appreciation percentage value of the project and the one that I have been eyeing appreciated a whooping 28.82% over the past one year! It also provides you with the information on additional charges you might incur and the taxes to expect in order to not be caught unawares. So you can plunge in with all the necessary data and back ups. Its all and a lot more for busy property hunters with time and resource constraints.
It’s your one stop for property related research, you don’t have to spend months and years looking for the perfect property when you can simply search it all on a single platform and get all the requisite details across the various segments. Happy house hunting!