Who are your new neighbours at the project you are buying in?

Who are your new neighbours at the project you are buying in?

Know thy neighbour (without being too intrusive though!) is a golden rule we generally have no issues with, particularly when it comes to living together in a smart residential complex where you just bought a flat. However, shouldn’t you be checking on the neighbours first? No matter how many checks you do on the location, the builder’s credentials, registration and approvals of the project, prices in the neighbourhood, social amenities nearby, project amenities and the like, checking up on the neighbours is also important.

Don’t you think you should put at least a little time and effort into researching the new people who’ll be spending a lifetime or at least a significant part of a lifetime in proximity to you? This may also help you gain greater peace of mind about the viability of the project along with some much-needed re-assurance while investing a big sum in your dream home.

Why you should know your neighbours

In many cases, homebuyers fall into trouble regarding several common issues, during and after possession. These include the following:

  • Approvals and clearances not being granted/revoked
  • Registration and other legal issues
  • Delayed possession and poor track record of developer
  • Incorrect documentation
  • Improper pricing and excessive charges for amenities, common areas and other structural changes without consulting the buyer
  • Non-provisions of things promised by the developer

In order to avoid such issues, you should know who your new neighbours already are or are going to be. You must keep a basic principle in mind, namely that it’s not just you; multiple people have done their research and homework before investing in a particular project. Use this collective wisdom. Knowing your neighbours can help you avoid these pitfalls.

Coveted neighbour types

Yes, there could be a neighbour type that is highly coveted by homebuyers for greater peace of mind although this will naturally be as diverse as you can know! VK Adarsh, noted banker, has reportedly stated that checking on people who have invested already in a residential project will help prospective buyers finalize their decisions. People already prefer buying homes in residential projects which draw investments from celebrities since that is seen as a measure of reliability and trustworthiness.

You will do much better if you check whether any lawyer or legal expert has invested in the project. This will naturally be a source of great comfort in more ways than one or if financial experts have invested in the same. People also prefer buying homes in projects which have drawn investments from advocates, judges, senior government personnel, chartered accountants and bureaucrats. They can be assumed to have done thorough research into the intricacies of the project and will naturally have had a better legal/technical understanding of the project. This could be a template worth following but only if you don’t push it too much!

What you should do

  • Get information about the neighbours you are going to have.
  • Learn about the profiles of neighbours who have invested in the project and get introduced to them.
  • This will help you learn more about the technical aspects and why they purchased homes at a particular project.
  • Look out for industry experts, doctors, lawyers, bureaucrats, judges and other financial experts who may have bought homes in a particular project.
  • Interact with them if possible to learn more about why the project is a safe investment.
  • Check all original property documents and get the title deed verified anyway from your end along with executing the agreement carefully (only after understanding and reading through the terms and conditions).
  • Get a legal expert to help you scrutinize all documents and clearances and also check whether people who have bought homes at a project are satisfied overall.

These steps will help you take better decisions while considering a new home purchase. Naturally, you would do well to find out who your neighbours are and their profiles in a bid to understand whether these are people who consider their purchases to be safe investments. More often than not, knowing about your neighbours may bring in a sense of reassurance and comfort that you may not have bargained for.