Buyers Should Be Cautious About New Developers

Md Jakir Hossen, Managing Director of Agrojatra Dream Housing & Real Estate Ltd, said buyers should be particularly careful when purchasing flats from new developers. According to him, REHAB members who have been involved in the real estate business for a long time generally remain careful about protecting their reputation. They usually avoid getting involved in projects that could damage their reputation.

He said some new developers may fail to complete projects because they lack experience, while some may enter the business with dishonest intentions. For this reason, buyers need to be more cautious when dealing with new developers.

“If someone wants to buy a flat from a new developer, we would suggest that the buyer must first collect information about the heirs of the landowners and make sure that the RAJUK-approved plan is in place,” Jakir Hossen said. He said checking land ownership should be one of the first steps before buying a flat. Buyers should examine the original deed, khatian, mutation records, land development tax and the complete history of ownership. Information about the heirs of the landowners is also important because an undisclosed claim can later create a legal dispute and stop construction.

The buyer should also check whether the developer has a valid agreement with the landowners and whether the project has received the required approval from RAJUK or the relevant authority. The approved plan should be compared with the actual construction to ensure that the number of floors, location of the flat and other features match the approval.

Jakir Hossen also advised buyers not to depend only on advertisements, brochures or verbal promises. Visiting the developer’s completed projects, where available, and speaking with residents can help buyers understand the actual construction quality, handover process, maintenance and services.

He said the sale agreement should clearly mention the flat size, total price, payment schedule, handover date, parking rights, fittings and fixtures, service charges and cancellation and refund conditions.

Buyers should also calculate the total cost, including registration, utility connections, parking, taxes and other charges.

According to him, buyers can seek help from a property lawyer to check land and legal documents and from a civil or structural engineer to examine the approved design and construction-related issues.

“A flat is a long-term investment, so buyers should verify the land, developer, approvals, construction and agreement carefully before paying booking money,” he said.