When investing in real estate, it is of utmost importance to compare the one you are going to buy. The comparison process would help to eliminate the questions stuck in your head. When you have multiple builders to choose from, shortlisting becomes a bit complex. With useful comparison, you can be aware of the several pros and cons of the project. Always remember that making comparisons only on the price and area will be a colossal blunder. So here is the list of steps to compare real estate projects.
Location and position of the real estate project
While buying flats in Bangalore, you need to consider their position and location. The property you are going to purchase and the one to be compared should be in the same neighbourhood. Both the projects should be in the same community in Bangalore. You cannot obtain an entirely correct result by comparing properties which are not in the same location. Thus, while comparing always make sure that they are in the same place.
The aspect of appreciation
You need to compare how the overall appreciation in the area is. It would help if you also considered the appreciation of the project selected for comparison. It is noteworthy to mention that appreciation is a crucial aspect of any real estate investment. It depicts you the after sales value of your property. You can also opt to check the appreciation trend for five years. This would tell you the after-sale value of the real estate projects located in the area.
Registered under RERA
Note that for an under-construction project, it is mandatory to obtain a RERA registration number. So during the process of comparison, assess whether the project is RERA registered or not. You can visit the RERA website to find out the RERA-registered projects in Bangalore. RERA is applicable only if the real estate project has commenced after 1 May 2017. Real estate projects constructed before this period are not required to have RERA certificates.
The popularity of the builder
The apartment’s rate in Bangalore is one of the most crucial aspects to consider. However, you cannot undermine the reputation of the builders. While comparing two or more real estate projects enquire the number of projects launched by the builder until date. Notably, find out whether there are any pending litigations against the builder. Opt for a builder who is transparent enough to furnish you with all essential details. It is best to avoid shady builders with land dispute cases filed against them.
The presence of a lift and car parking area
There will be a massive difference between the values of properties with car parking space and those without. Also, the presence of the elevator increases the value of a property to a great extent. During final negotiation, keep these two things in mind. You can sell the property at a higher rate if both these aspects are present in the project you are buying.
Policies related to cancellation
While comparing real estate projects, you must take into account the cancellation policies. Find out the penalty amount along with the mode of payment. Also, enquire the rate of interest at which would be compensated. These are some crucial considerations to keep in mind while you are cancelling the buying process.
Thus let’s hope that the aspects mentioned above would help you to compare real estate projects efficiently.