How Many Projects Are Really Being Built: How to Verify Developer Plans

Introduction

Buying off-plan can offer price advantages or capital growth, but it carries risk. Instead of quoting statistics, this guide focuses on practical steps to verify whether a developer's announced projects are likely to be completed.

Why verification matters ✅

• Delays, freezes, and bankruptcies can happen; being informed reduces surprises.
• Proper checks protect time and money and improve negotiation position.
• Documents, track record and transparent financing matter more than glossy visuals.

Documents and sources to check 📂

• Building permits and project documentation. Ask for copies and compare them with public records.
• Land ownership and encumbrances in the public registry. This shows who owns the plot and legal restrictions.
• Company registration and licenses — check the developer’s history and related companies.
• Completion certificates or phased handover acts for existing stages.
• Purchase agreement or equity sharing contract — read exit and refund clauses carefully.

Practical verification checklist ✍️

1. Match the plot address and cadastral data with the public registry.
2. Ask about past projects: which were completed, which were halted. Request contacts of current residents.
3. Talk to neighbours and existing buyers on other projects for candid feedback.
4. Clarify the financing sources: company funds, bank loans, buyer funds, or mixed schemes.
5. Request a realistic construction schedule with milestones and responsible parties.
6. Ensure contracts include remedies and compensation for missed deadlines.

On-site visit: what to look for 🏗️

• Active works: foundation, structural framework, utilities. Long inactivity is a warning sign.
• Presence of equipment, material stocks and marked contractor areas.
• Safety measures, fencing and site management — they indicate project seriousness.
• Consistency between claimed progress and real on-site conditions.

Red flags to watch for 🚩

• Refusal to provide documents or constant excuses.
• Frequent changes of legal entities or subcontractors involved in the project.
• Opaque financing — large cash flows without proper accounting.
• Prices that look too good to be true without clear explanations.

Negotiation and protection practices 💬

• Ask to include penalties for delays, staged payments and refund terms in the contract.
• Consider escrow arrangements or bank instruments if available.
• Use a local lawyer to review agreements and land status.

Scenarios and recommended actions

• Developer with many completed projects: a positive sign, but still verify current permits and schedules.
• Developer with completed projects but a stalled new site: investigate reasons, talk to suppliers and residents, request an updated plan.
• Little to no documentation and vague answers: avoid committing funds without clear guarantees.

Conclusion and quick tips

• Don’t rely on promises or renderings — request real documents and confirmations.
• Visit the site and speak with people who have experience with the developer.
• Limit upfront payments and ensure contractual protections for buyers.

If you want professional help checking a developer or finding completed units, see our selection at https://buyhome.ge/en/search or contact BuyHome for a consultation.

Contact BuyHome — we will help verify documents and choose a reliable property for you. 📩