Real estate market in India is expanding rapidly “,and so are the trickeries.Buyers are more aware but still more vulnerable to scams.The fraudster run the complete diapason from legal frauds and elope to fake promises and undefendable discount or complimentary offers .
It’s a two sided hex for the innocent buyers , since justice for sufferer is lengthy and dubious. Because of the to the composite essence of contention in this domain.
Things to keep an eye for :-
Fake commitment –
Builders try to allure the buyer via fake adverts to accomplish their project funding ;like 12%return per month till you get the property “,resulting in multiple cheque bounce along with delay in projects .
Name scam –
Fraudster duplicate the name deeds of unoccupied or feuded properties and sell them to investors and run away before the scam is identified.
Builders impede the project intentionally until they get the imperative number of consumers . stream of Innocent buyers who purchased the properties are kept on hold.
Variation in authorized plan
After the delivery of the project .several discrepancies have been made by the builder in the project common area without acknowledging the buyer”,making it tough and difficult for them to adjust .
To avoid such practices “,some preventive measures should be underlined
Hire a legal consultant :
It is crucial to take the services of a legal consultant and and examine all agreements related to the project with him before accomplishing the contract. “the legal consultant will review that all the government approvals are in place. So that in case any document is missing or fraud “,you will get aware of it with the legal aid.
Check the builder’s Credentials
Use all mediums like social media “,refrence people “,to check with builders background and its completed projects.
Buy properties authorized by banks
Check if there is a trusted bank name associated with the project “,as it has done all the required legal inspection.
Rera approved project
Prefer the project approved by RERA (Regulation and Development Act)
Many things have come in place since the day Rera is implemented “,so look for the projects approved by this govt. body
Avoid cash transactions:
Always transfer the money into the bank account via cheque or online transfers “,avoiding cash “,as most of the cases of fraud arrives as a result of cash transactions
Precaution is always better .Small checks can save your hard earned money to full for good investment rather being duped.As the market is unpredictable a legal aid turns out to be a saver above all if you cannot keep all inspections.So its never too late “,wake up today .