At ‘The Realty Review’ we approach each topic with a predetermined methodology which we have designed ourselves. Through our years of expertise in real estate and our background of working with the top developers in the past, we have come up with this methodology to review a real estate project.
We call the factors that we consider while reviewing the projects as Key Performance Indicators or KPIs. These KPIs are the factors that a buyer needs to consider at the basic level before buying any property. Now let us look at these factors one by one.
Rankable KPIs – Factors on which we can rank the project based on our experiences and opinions
The cost of any property is the first thing that comes to our minds whenever we venture out to look for a property. Pricing strategy of any project depends on various internal and external factors of a developer. According to the developer, the pricing is always right and justified but when it comes to the buyer, it seems vague.
A buyer may not be able to understand whether the pricing of any project is justified or not. If he feels that the pricing is too high (which is in the case in most buyers), he may not consider the project at all even if he has the budget to buy the property. Thus, we try to review the pricing of the project on our end and understand whether it is justified or not and then rank the project based on our opinions.
Carpet Area And Layout
In this section, we consider how optimally the layout of the property is designed and whether you get a good usable area, not only in the entire house but also in each room. At times, it might happen that the total carpet area of the house is big but the room sizes are smaller because a lot of space has been wasted in lobbies, passages and terraces. On the other hand it might also happen than the entire carpet area might seem small but the room sizes are comparatively larger because the layout is designed without wasting any space and maximum area is utilized properly.
Thus, we review the project based on these factors and try to understand whether you are getting a maximum usable area for the price that you are paying. A project will score more points in our review if this space utilization is done in a proper way and the buyer gets maximum usable area at the minimum possible price.
Quite obviously, the location of a project is one of the top factors that you consider before buying a property. Sometimes the buyer may not be aware about the new developments, the advantages and disadvantages of the location of the project. We give our genuine feedback about this in the location review of the project.
At times, the project may be located in a very promising location but is it always beneficial for you? Then there is the point about preferences. Some people prefer to stay in a location that is full of hustle-bustle while some prefer to stay away from it. Thus, we do not just state the facts about the location but we analyze it from the perspective on an overall good location to stay.
Another aspect of a good location is its connectivity. In this section we review how well the project is connected to the other locations in the city and also how accessible it is. Does it have a good approach road? Is it accessible from the major commercial and residential hubs of the city? Is the easy accessibility to public transport and how easy is it travel out of town from the location of the project?
If you are buying a property in a new location about which you do not have much idea, we can help you figure out the answers to the queries that we discussed above.
In this section of the review, we look at the availability of basic infrastructure around the vicinity of the project. We review the location for presence of shops, offices, schools, hospitals, public transport and a lot of other factors that make a project a convenient place for you to live.
If a project is located too far from the basic conveniences and there is less access to good infrastructure, then it will get low score in our review.
This point is valid more in case of an under-construction project. If you do not consider the credibility of the builder then there are chances that you end up with a property that is either delivered late or delivered at a lower quality than expected.
While considering the builder’s credibility, we look at all the factors pertaining to the builder like how much past experience they have, their track record of delivering projects on time, their financial credibility and much more.
We are of a very strong opinion that ‘construction quality’ in a real estate project is a subjective term. There are hundreds of things that go into building a projects and the construction quality can be affected by any one of them. A builder may use the best raw material in the market but if the workman uses it is the wrong way, then the quality can be affected. On the other hand, the builder may use low quality material but that doesn’t mean the construction quality is bad.
Then again, on what basis do you define construction quality is an individual opinion. There are numerous examples in the market where Grade A developers have had complaints about leaking ceilings and falling balconies. Thus, when we consider construction quality for our review, we look at the big picture and consider the overall feedback about the builder’s delivered projects.
Non Rankable Factors – Factors on which we cannot rank a project but they still matter to the overall verdict of the property.
These are the factors that differentiate the project from its competitors. In other words, the USP of the project. Sometimes there can be more than one USP for a project and that makes it different from other projects in the vicinity.
Pros & Cons
A good review of any product is incomplete without a list of pros and cons. Thus, in this section we list down these pros and cons or the advantages and disadvantages of the project based on our observations.
After taking into account all these factors, we determine the overall perception that we have about the project. It is like a final verdict about the project from our side. With this we hope that we have made your property buying process simpler and easier.