As more and more residents are rushing towards real estate investment, real estate scams have become quite a common phenomenon. Even though today’s new property buyers and real estate investors are well informed and well aware of the risks associated with this real estate industry, technically, they are still lying in a vulnerable position and highly susceptible to scams and frauds.
There are different kinds of real estate scams. It can be legal fraud, double-dealing or a fly by night operation. You can also become a victim of alluring offers and Ponzi schemes. In short, real estate scammers have a whole gamut of scamming methods through which they deceive and manipulate the consumer psyche.
Let’s find out the solutions.
n a situation where even the big fishes of the market are involved in real estate scams, it is increasingly becoming a complex state of affairs for common home buyers and commercial real estate investors to find the right prospect and the right kind of property for investment. While people generally prefer to consult an authorised real estate consultant in case of hefty investments, there are numerous other ways that can help you avoid scams with the application of simple logic and the presence of mind. They are as follows:-
- All that glitter is not gold! So do not believe everything that you see in the ads.
- Ask your developer for the respective RERA NO. Check out it’s validity.
- Read the legal documentations & agreements carefully. Consult a lawyer.
- A detailed inspection is required. Avoid investment if there is any land dispute.
- Verify the builder’s reputation. Is he/she facing any legal allegations?
- Talk to the pre existing investors & home buyers. Learn from their experience.
- Visit the site location to find out where you are actually investing?
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As of now, the project is offering affordable homes and apartments for sale in pune with a sprawling array of modern amenities, delivering high quality living standards, comfort and convenience, all under one umbrella. So what are you waiting for? Book your dream home from the following range of products now!
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Following is a list of the five most common scamming methods that you would usually find in the newspaper, tarnishing the reputation of the Indian Real estate Industry.
Deceptive Description:
Problem:
- The title or the ownership of the residential units will not be clearly defined.
- Duplicate documents are often used by scammers to deceive innocent buyers.
- Usually happens with properties that are unoccupied for a prolonged period.
- Scammers use properties with outstanding dues to trap amature investors.
Solution:
- Conduct a detailed verification process, under the guidance of an attorney.
- Consult a reputed legal firm or a company that specialises in these vertices.
- Ask for the legal heirship certificate as an assurance on the legal ownership.
- Also check out the property insurance, safeguarding it from encroachments
Rental Scams:
Problem
It is believed that renting property is way more profitable than buying a property. However, the surveys and reports in this context take us in a contrasting direction. As per the latest research conducted on the state of rental properties, almost 43 percent of the tenants world wide have encountered several fraudulent listings in online portals and more than five millions tenants have been scammed every year.
Solution:
Be alert. An additional sense of cautiousness is necessary to avoid falsified advertisements. While renting a home through online portals, at least try to meet the owner in person. A responsible owner would always try to find a prospective buyer. He would meet you in person. But a scammer would never do that.
Coerced Cancellations:
Problem
In cases related to forced cancellations, dishonest real estate developers would always try to delay the project that was previously sold at lower prices, just to resell the same residential units at inflated prices. Such an unscrupulous practice can also take place in cases where buyers have payment issues causing late instalment issues and pending dues.
Solution: –
The section 11(5) of the RERA act 2016, clearly provides a clear solution in this context. It states that a promoter can legally cancel an agreement, but the cancellation process must abide by the terms and conditions as described in the agreement for sale. And on top of that the RERA act also empowered an allottee or a buyer or an investor by providing the right to approach the higher authorities for further relief.
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