MUMBAI: Buying a home is a dream for many as it consumes a major chunk of the savings. But due to delay in possession, despite investing hard-earned money, denizens are not able to live their dream. Timely possession has always been a big question for buyers bearing home loan interest, rent and daily expenses in times of high inflation.
There has been a tendency to go for big names, advertisements and identity rather than the market and delivery status. In the last one year, realty giants faced a tough time completing their projects. However, small, mid size developers constantly worked towards meeting the promised possession timelines.
So, what are the reasons for this?
Limited projects – Small and mid size developers always have limited projects in hand. Hence, they focus on completion of those projects before moving to another one. Taking lessons from their earlier projects, they take precautions at an early stage to avoid any unexpected delays in construction and possession. Also, small project with less number of units takes lesser time, thus ensuring timely possession.
Focus on affordable housing – Rather than big projects where the profit margin is higher, small developers target the affordable housing segment. Therefore, most of the buyers are end-users who focus on upgrading themselves from builder floors or rented floors. In terms of amenities, these are not short of the big projects. Features such as security, parking, power, water supply and play ground are all available.
Resources on right track- Small and mid size developers always encourage team work. One of the good qualities is that they are always ready for challenges due to being self-sufficient in terms of human resource, construction workers, engineers and monetary resources.
Utilisation of earned money – Mid and small size developers utilise their money wisely. They use the buyers money in completing the project rather than investing that money for new land purchase, new technology, tie-ups, to name a few.
Dedicated team of professionals – Such developers put their team of best professionals on the task from land deal till the completion of the project and till possession. They take care of all big and small necessity of authority, approvals and certificate from all departments and ensure hassle free possession for their valuable buyers.
Keeping in mind the current market scenario, small and mid size developers thus, emerge as a better option as compared to well-established realty majors. However, before taking the final call, checking certain things such as the previous records, papers and construction quality of developers is necessary. Always remember that a small ignorance can put you into a pool of trouble!