While people were skeptical of investing in under-construction projects earlier and would play safe by opting for ready-to-move projects or resale properties, things are slowly turning back to yesteryears choice- increasing investments in under-construction projects. While, these projects were always the most favourite among realty investments, the market sentiments compelled buyers to take a cautious approach. Financial woes would lead to projects getting struck mid-way leaving the buyer in lurch and this risk was something that nobody wanted to experience. However, with the Real Estate Regulatory Authority (RERA) in place, consumer interests are protected to great extents.
In line with RERA, consumers are today necessarily updated on the status of their under-construction project that they have invested in periodically. Developers have invested in excellent technological options for doing the same. This communication helps at times when the buyers aren’t allowed to see the project in person owing to safety practices followed in the construction site.
The various communication medium
Buyers are updated on the status using a gamut of medium including postal services, websites, emails and mobile apps. “A buyer is provided with regular updates on the status of the projects through quarterly construction updates via email. Along with that, we are working on mobile apps and login portals through which a buyer can get updates regarding the progress from the comfort of his phone” says Gaurav Sawhney, President, Sales and Marketing, Piramal Realty.
While buyers can visit the site during the safe period, another easier option that developers are encouraging is to track the construction using mobile apps. “We have launched a mobile app – The Baya App that is available for free on Android and iOS. Buyers are provided access to the app where they can track the slab by slab construction updates with photos and videos. They can view the entire construction timeline for our projects, as we believe in providing complete transparency. Along with that, they can also schedule site visits, request documents, make payments and raise maintenance requests through the app. This has particularly helped clients who are from other cities and countries, as they get to see their dream home being built from the ground up,” says Rohit Kharche, Director, The Baya Company.
With almost everyone having access to a smart phone, communication using apps are very buyer-friendly. Bhavana Mehta who had almost invested her savings in a dud under-construction project was scared to invest in any under-construction project. However, after a thorough research, she did invest in a 3 BHK under-construction project in the central suburbs of Mumbai. “This time about we chose a reputed developer and a clean project. We are able to regularly monitor the project by way of the mobile app and are confident of getting possession in the said date, going by the progress,” she says.
Periodicity of updation of information
As per RERA guidelines, both project cost and sales details need to be updated on the websites, newsletters, apps and emails on a quarterly basis. “Once updated, the information is immediately visible to the end user on our RERA homepage. RERA also mentions the last modified date so the customer is aware of how old the information is,” says Abhishek Jain, COO – Group Satellite.
Addressing queries efficiently
While, the statues are updated on a periodic basis, there is another part to the story. Addressing customer queries is key as until they get a satisfactory response to their query, there will loom an amount of uncertainty on the buyer’s mind making him/her restless on their investment. Most developers are quick to respond if a query is left on their communication page. “If a customer has a query regarding a project, they post it on our website. The same is resolved within 48 hours by our team,” points Jain.
Sawhney also mentions that while there are the many different mediums available, the buyers are constantly in touch with the assigned relationship managers. Therefore, in case of any query, reaching out to the managers is the easiest way for any update.
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As per RERA guidelines, both project cost and sales details need to be updated on the websites, newsletters, apps and emails on a quarterly basis
Using the mobile app, buyers can track the slab by slab construction updates with photos and videos
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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