If we look at the real estate market of Kolkata, a glance will tell you that there are plenty of builders for you to choose from. The city’s realty scene has been growing rapidly, and many new players have emerged over the years. However, not all of them enjoy the trust of the public. This could be due to multiple reasons, but it mostly boils down to the quality of the projects they deliver. Companies that make too many mistakes usually do not have the best projects to offer. So if you want to put your money in the right place, make sure you pick the best real estate company in Kolkata as they will never make the following mistakes.
Mistakes reputed real estate companies in Kolkata avoid at all costs
Here’s a list of the errors you’ll never find the best realtors in the city ever make –
- Not conducting proper market research
Before starting a new project, a good real estate company will conduct proper market research to find which kinds of homes are in demand in any particular area. This is only possible after having sound knowledge of the market economy and factors that influence the prices of real estate. Even competitor analysis will be conducted by them to get a clearer picture. That’s not all though. They will also scope out the neighbourhood they wish to build in, gathering detailed information concerning the permits and approvals required.
- Cost cutting by hiring an inexperienced team
One of the key factors behind the trust that reputed real estate companies in Kolkata enjoy is the expertise they bring to the table. Their team is made up of experienced managers, brokers, agents, and salespersons who know how to deal with clients and ensure buyers get precisely what they need. Moreover, good builders make it a point to collaborate with the best civil engineers, architects, and landscapers in the city even if it costs them a significant amount. They do this so you don’t have to make any compromises when purchasing your dream home.
- Failing to deliver what’s promised
Some companies can get in the habit of over-promising and under-delivering. However, that’s not the case with developers you can rely on. Not only do they set realistic deadlines for the development of their projects, but they also work diligently to achieve them, performing consistent and periodic checks to monitor the progress of their projects. The reason why they’re able to deliver on time is that they never sanction a troublesome property, to begin with, which prevents delays.
- Overpaying for a property
To build a project, a real estate company has to first own a plot. Naturally, this is purchased in most cases during auctions or private deals. There’s a good chance that most of these purchases happen after a proper bidding war. While this is standard protocol, good real estate development firms will never overspend on any plot or property to acquire it.
It can be argued that only a highly in-demand plot will cause a bidding war and thus, spending more on it will be justified but it can also prove to be problematic. Paying too much for a plot to build on can significantly increase the selling price of the project. Not only that, but this extra expenditure can also mean builders may have to cut corners on amenities and other aspects concerning the project. All of this together can ward off potential buyers.
Hence, it is important to pay the right price so that there are no compromises in the other aspects of construction. Scouting for property in a low-competition area is a strategy most good builders follow.
- Incorrectly estimating the schedule and budget of the project
Once the plot is purchased, the project designed, and the relevant experts hired to build it, it might feel as if things will be done quickly and cheaply now. Sounds too good to be true, right? That’s because it mostly is. Underestimating the budget and schedule of the project is the number one mistake inexperienced builders make.
Professionals, on the other hand, with ample knowledge of the industry know that there can be bottlenecks in the way, which can not only delay the project but even affect the price at which it’s completed. Often relevant authorities are slow to give sanctions and permits or there can be difficulty in procuring certain raw materials – both of which can affect the timeline as well as the budget.
Trusted builders always take these variables into account. This helps them to come up with more accurate estimates of schedule and budget among others.
- Constructing a poorly designed project
Half the battle is won when the real estate developer has a well-designed project. A good design not only makes the best use of the space available in a particular project, but it is also appealing to look at.
On the flip side though, a poorly designed project can drive buyers away, incurring future expenses so it can be fixed and made more appealing. This is why the best builders in town make it a point to collaborate with the leading architects in the city. Together, they always manage to deliver exceptionally well-made projects that cater to the comfort and happiness of their owners.
- Making use of bad financing
Funding for a project can come from any source. In a rush to get their project completed as fast as possible, some builders might choose a bad financing option. The result can be an overtly expensive project with low demand, or one with extremely high-interest rates or other economic issues, which can lead to losses for the developer.
The best way to get out of this unpleasant yet likely situation is to have a proper financial plan in place. Builders need to ascertain their cash flow projections so they can figure out how they will be paying for the expenses their project will incur over time.
Structuring financing in the right way can also help developers optimise their returns and profits from sales. A complete win-win for everybody involved.
If you want the home you buy to live up to your dreams, you must choose the best real estate company in Kolkata only. They will have a stellar record in developing and delivering high-quality projects, which have been completed without a hitch. It’s always the safest to bet your money in the hands of the most trusted.