A Basic Checklist You Need to Consider Before Investing in an Under Construction Project in Panvel

Panvel is a raging choice amongst real estate investors as well as home buyers not only in Mumbai but all over India. With a long list of new, world-class infrastructure projects making their way to Panvel and the urban corridor it sits in, the city is preparing to welcome a rapid wave of urbanisation as well as economic growth. That means that many under-construction projects in Panvel have begun selling like hotcakes. 

Panvel, located in Maharashtra’s Raigad district and just a short drive away from Mumbai, offers attractive amenities and affordable prices. However, investing in an under-construction project is not without risks and challenges. You need to be careful and diligent before making a decision that could affect your financial future. So, here are some of the things you need to consider before investing in under-construction projects in Panvel.

1. The reputation and track record of the builder

You should do some research on the builder's previous projects, their quality, delivery time, customer feedback, and legal status. You should also check if the builder has any pending cases or disputes with the authorities or buyers. A reputed and reliable builder will have a good reputation in the market and will deliver the project as per the agreement. Some of the most reputed builders in the Panvel area are The Wadhwa Group, Hiranandani Communities, Godrej, JMM Homes, Marathon Realty, etc.

2. The RERA registration and approval status of the project

You should verify if the project is registered under the Real Estate (Regulation and Development) Act (RERA), which is a law that protects the interests of home buyers and ensures transparency and accountability in the real estate sector. You should also check if the project has obtained all the necessary approvals and clearances from the relevant authorities, such as the municipal corporation, fire department, environment department, etc. A RERA-registered and approved project will have a higher chance of being completed on time and as per the specifications.

3. The location and connectivity of the project

You should evaluate the location of the project in terms of its proximity to important places, such as schools, hospitals, markets, malls, offices, etc. The upcoming Navi Mumbai International Airport and Mumbai Trans Harbor Link should be good reference points. You should also check the connectivity of the project to major roads, highways, railways, metro, etc. A well-located and well-connected project will offer you convenience and comfort in your daily life and will also appreciate value over time. Some of the best localities in and around Panvel to invest in include Palaspa, New Panvel, Forest Colony, Old Panvel, Takka Colony, Sai Nagar, etc.

4. The layout and design of the project

You should inspect the layout and design of the project in terms of its space utilisation, ventilation, lighting, aesthetics, functionality, etc. You should also check the floor plans, carpet area, built-up area, super built-up area, etc., of the units you are interested in. A well-designed and well-planned project will provide you with a comfortable and spacious living environment and will also enhance your lifestyle.

5. The amenities and facilities offered by the project

You should compare the amenities and facilities offered by the project with other similar projects in the area. You should look for features such as security, parking, power backup, water supply, lifts, clubhouse, gymnasium, swimming pool, garden, playground, etc. A project that offers you a range of amenities and facilities will make your life more enjoyable and convenient.

6. The price and payment plan of the project

You should analyse the price and payment plan of the project in terms of its affordability, value for money, return on investment, etc. The average property price per sq. ft. in Panvel at present is around INR 7,440. You should also check for any hidden charges or fees that may be levied by the builder or other parties involved in the transaction. You should also look for any discounts or offers that may be available for early or bulk bookings. A project that offers you a reasonable price and a flexible payment plan will suit your budget and financial goals.

7. The legal documents and agreements related to the project

You should carefully read and understand all the legal documents and agreements related to the project, such as the allotment letter, sale agreement, possession letter, occupancy certificate, etc. You should also consult a legal expert if you have any doubts or queries regarding any clause or term in these documents. A project that has clear and transparent legal documents and agreements will protect your rights and interests as a buyer.

8. The post-sales service and support provided by the builder

You should inquire about the post-sales service and support provided by the builder in terms of maintenance, repairs, complaints resolution, etc. You should also check if there is any warranty or guarantee period for any defect or damage in the construction or fittings of the unit. A project that has responsive and reliable post-sales service and support will ensure your satisfaction and peace of mind as an owner.

These are some of the things to consider and check off your list before buying an under-construction project in Panvel. Such an investment can be a rewarding experience if you do your homework well and choose wisely. All the best!