The festive season is when many people plan to make large purchases like a home, especially as many real estate developers offer attractive freebies. Looking out for your dream home can be a time-consuming process if you want to do the due diligence thoroughly and look for potential surprises that may lie hidden in the builder’s closet.
These days, almost all real estate developers in major markets in India provide freebies, discounts and other offers that an average homebuyer may fall for. But if you make a hasty decision without checking crucial details like the builder’s land ownership, outstanding debt, possible legal battles, ability to repay loans, management practices, reputation, etc., you may have an incomplete picture of the project.
In cases where there are problems with these aspects, freebies may be worth little in the long term. Take the case of Saroj Pattnaik, 46, who lives in Noida with his wife and 13-year-old daughter.
Pattnaik booked his flat by making an initial payment of ₹1 lakh in May 2010. The builder, Today Homes Pvt. Ltd, promised a discount of ₹200 per square foot if he completed his booking by paying the required 10 per cent of the total value along with the first instalment as per the construction-linked plan he had chosen, before Diwali in November 2010.
Two months later, in January 2011, he made another deal to pay in full for his two-bedroom plus study house after receiving a substantial discount, with the delivery date fixed within 30 months. Though he thought he was benefitting from the deals, ultimately, he faced losses as the possession got delayed by four years. Meanwhile, he had to continue paying for his rented house in Munirka in South Delhi.
Esta historia es de la edición October 2023 de Outlook Money.
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