Warranty for flats: New trend in real estate market!
In order to attract potential buyers, several builders and developers of prime cities have come up with a new marketing strategy by offering warranties on the flats based on various appliances in the flat.
Electrical appliances get 1-3 years warranty, paint gets 5-7 years, waterproofing of flats get up to 10 years warranty period. A few builders are even providing warranty cards to buyers during possession.
According to Maharashtra Chamber of Housing and Industry (MCHI), around 80% of its members are offering such offers across the country. Realty experts say that since warranty is given for appliances and not for apartments, it is not of much benefit.
The builder gets warranty on appliances he buy during construction and he merely passes on the same to buyers. The companies issue warranty identification number and maintain records of the customer warranty. If any damage or defect in the appliances is noticed within its warranty period, it is the company which pays for it. And in such case, there is hardly anything a builder loses or gives extra and thus, there is nothing that a buyer gains.
If a builder assures warranties on construction materials, then a buyer should ask for relevant documents from the developer and scrutinise the level of accountability implied, suggested Om Ahuja, CEO, residential services, Jones Lang LaSalle India.
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Top seven areas of India to observe real estate boom
South Indian realty observes stable demand
Apartments, Builders, Buyers, buying a flat, Construction materials, Documents, electrical appliances, Jones Lang LaSalle India, Maharashtra Chamber of Housing and Industry, marketing strategy, MCHI, Possession, prime cities, Realty experts, residential services, warranties, warranty cards, warranty identification number, warranty period, waterproofing
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