Purchasing a new home or investing in a property is an act that is filled with the emotions and excitement of getting the dream fulfilled. It is better to be cautious when you are about to invest a huge part of your hard-earned money and at times, many homebuyers also go for home loans. Some of you deal directly with the building company or the builder while others opt for channel partners. The homebuyers who opt to purchase a property through channel partners need to exercise some precautions to be on the safe side. A pinch of precaution is better than getting duped financially.
1.Who are Channel Partners
Purchasing an immovable asset in the real estate sector is a dream come true but if you don’t have sufficient knowledge about this market, then this purchase will turn out to be a tedious and time-consuming task. Choosing the right property is the toughest job because you need to look into various aspects like long-term benefits with futuristic location and much more. To ease this process, some of you purchase the property through Channel Partners and some prefer to get the deal directly from the builder or the developer.
A channel partner is a team or an organization that works in collaboration with reputed builders and helps them and the homebuyers with real estate transactions. Their main aim is to provide a property to a homebuyer that suits his needs and matches his preferences and also helps him with the clear and flawless deal.
It is true that the developers rely on these channel partners to push sales through innovative ideas. A channel partner is not a broker. A channel partner acts as an advisor, a consultant, and a sales professional who is given the responsibility of selling the realty projects by the builders and /or developers. A channel partner receives a fee for his services but doesn’t charge anything from the homebuyers. His services like site visits, pick and drop, loan assistance, and post-sales services will remain free of cost to the homebuyers. In spite of all these facilities, the homebuyers have to take some precautions if they decide to purchase a property from channel partners. You should look before you take a leap.
2. Precautions – Homebuyers Should Take
If you plan to purchase a property through some other medium, other than the builder directly, you should take the following precautions to avoid unpleasant consequences. It’s better to be cautious than to repent later.
2.1. Precautions From Channel Partners
If the homebuyers decide to purchase the property through a channel partner, they need to take some precautions. You should see that you give the cheques only in the name of the company and no personal transactions. This will save you from fraudsters.
With the advent of RERA, the real estate sector has been streamlined and disciplined. As per RERA all builders/ developers and the channel partners who want to render their services have to register with RERA. These registered channel partners are more responsible and accountable. RERA also keeps a track of all registered channel partners. Therefore it is recommended to go for RERA registered channel partners. It would be more appropriate if you could ask for a company channel partner code too.
2.2. Precautions From Those who Claim to be Employees
At times, an employee of the builder also claims to help the homebuyers in getting the home of their dreams. This person can also be a con or a cheat who can dupe you. It is wise on your part to check the ID card of the claimant to save yourself from getting cheated.
2.3. Precautions From Marketing Team
Usually, a marketing company takes care of the website of the company and is also responsible for the marketing of the projects. The homebuyers need to take precautions here also and should not become prey to their faulty commitments.
2.4. Read it thoroughly
Be it any medium, other than the builder, the homebuyers must read the booking form thoroughly and understand each clause to the fullest. Then they should ensure that the booking form is filled correctly. No clause or point should be ignored or left unattended.
2.5. Avoid Paying Cash
At times, homebuyers, especially first-time buyers, may be asked to pay the premium in cash. This may be to avoid paying capital gains tax on the premium. In addition to being illegal, this payment in cash may lead you to financial loss or you may be trapped. It is advised not to do any payments in cash.
2.6. Skip Loopholes
The homebuyers should go through the purchase agreement before signing it. Most buyers do not do that and then face the drastic consequences. They may not have the time or the patience to read the agreement terms and conditions of the purchase agreement. Then the sellers get the chance to take advantage or create loopholes
3. To Conclude
Owning a property is a dream come true but this dream should be fulfilled only after taking the necessary precautions. One should not flow with emotions and get deceived. There are a few mediums and platforms which claim to get you the dream house of your choice but all are not reliable. You, as a homebuyer should know that you need to exercise some precautions when you choose the medium for yourself. In addition to getting a property directly from the builder, you can also get through channel partners or property consultants. These mediums carry their own advantages and disadvantages. It is better to opt for a channel partner that is registered with RERA.
The homebuyers should always select projects approved by RERA. One such company that has all the projects approved by RERA is Tripura Constructions and they prefer to have channel partners who are also RERA registered. The marketing team which supports the website of Tripura is also committed and doesn’t go for any faulty commitments. In spite of all these facts, it is essential that homebuyers who purchase a property through channel partners should take the above-mentioned precautions in order to protect themselves from getting deceived.
– Written By Pallavi Krishna
