Buying A Property In India? Choose An Authorized Developer

  • Added:
    Jun 22, 2014
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Buying A Property In India? Choose An Authorized Developer Photo by Umov  Mehta

NRI's always have their eyes set on India when it comes to making property investments. The ancestral connection and the booming development in the country has always lured many non-resident Indians to turn to their motherland for making investments. Though many choose properties for sale in areas that are familiar to them, those who are interested in making good profits prefer cities like Mumbai, Bangalore, Delhi and Chennai, where the ROI is more. Compared to other cities in India, Mumbai is usually the most preferred location as the city scores high on demand and value. 

Owning a residential property in Mumbai suburbs is like owning an Oscar! No literally.  Mumbai is a place where the demand for homes exceeds the supply. Many desire owning a home in India's financial capital, but only the affluent class have been able to live this dream. Though there are many new properties for sale in Mumbai, the price tag attached to them often scares the common man. The price  of real estate projects in the city has increased tremendously in recent years. Though many developers have sought to reduce the differences between the demand and supply of homes by introducing new projects, only some have stayed true to their intentions.

The real-estate industry has flourished greatly in the last few years. Technically, the growth of the industry can be credited to the increase in income, economic growth of the city and privatization. However, that's just one part of the story. While on one side there are premium real-estate property developers who offer premium services at a premium price, there are other small scale builders who cater to the middle class. Be it a big company or small, being aware of the property rates in Mumbai,
the buyers expect a real deal of their investments.

While home buyers are keen to get a good deal of their money, they fail to check if the company they are dealing with is authorized or not. Recently, the residents of a posh locality in Mumbai were issued a notice by the government authorities to vacate their flats on account of illegal construction. While the developers are no more alive and the residents do possess all the documents that state them as legit owners of their respective flats, the government has decided to demolish the whole building. As the building was built more than 5 decades ago and the builders are not alive anymore, the residents have taken charge of protecting their properties.

This case is not new. There are many such instances wherein the buyers were tricked into making  investments on illegal investments. Mumbai is surely a dream city and investing in the city offers a higher return on investment, it is necessary to double check the documents and the certificates of the developers, before making an investment. The next time you think of investing in any upcoming projects in Mumbai, hire the assistance of a real estate expert to verify the credentials of the builder.

Author's Profile

Umov Mehta is a renowned real estate expert at one of the largest websites for property in India. His work is appreciated by top professionals in the industry.


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