The dream of owning a house is as much in one's hands as in the hands of the builder. Among the many things that a buyer needs to look into while purchasing a house, the most important is looking for the right builder. After having finalised the builder/developer, the buyer must also verify certain details about him.

Ground research

When one has multiple choices and needs to narrow down on a single developer, he needs to do some ground research. This would involve reading customer reviews on various forums, blogs, news reports and other platforms. At this step, one must also check if the builder is a member of self-regulating bodies like CREDAI or Builder's Association of India (BAI) that prescribe strict norms for developers. Ideally, all builders must be members of these bodies.

Compare past records

A buyer must enquire about the builder's past projects- timely deliveries and fulfillment of commitments. This will help evaluate the developer's level of credibility and commitment. Details like the number of completed projects, number of delayed projects, number of pending projects, whether promised amenities were provided etc. are important and must be looked into

Financial History

In case of registered companies, it is possible to find out the builder's cash flows and debt levels through annual reports. One can find the list of registered companies on the Ministry of Corporate Affairs website under the Registrar of Companies section.

Developer Ratings

CRISIL (of SME & Real Estate) gives real estate projects star ratings. These property ratings are based on an eight-point scale where a 7-star rating is the highest while 0-starrating is the lowest. It would be a good idea to look into the ratings of the developer's various projects before deciding to invest in any of his ventures. These ratings are, in a way, builder ratings too since they speak about the builder's performance.

Banks as verifiers

When one applies for a home loan, banks perform a complete background check on the project as well as the builder. They check all approvals, the builder's profile and other things relevant to the project. If a bank refuses to sanction the loan because of a lack of trust in the builder, then the builder's credibility becomes questionable.

Feedback from previous customers

Buying a house is a long-term investment, and probably a once-in-a-lifetime kind, too! One should be willing to make some extra effort verify all details about the builder. He must, if possible, visit the builder's past projects and try interacting with homeowners. This would give the buyer a chance to validate the facts given by the developer and to verify the quality standards promised by him.