How to avoid fraud while investing in property
How To Avoid Property-Related Frauds
●False promises: With stiff competition in the market, developers are luring as many buyers as they can to raise capital for the initial funding of their projects, which includes false advertisements.
● Assured rental returns: A large number of developers market their projects by assuring a fixed rental income from properties. There have also been cases where some of them reportedly published fake rental listings of various projects over the internet. If it is important to conduct your research and get the true picture.
●Title frauds: This can happen to anyone, from individual buyers to developers. Of late, a large number of cases have been reported where scammers have duplicated title deeds of vacant or disputed projects and sold them to gullible buyers.
●Deliberate delays: Project delays and disappearance of developers are common real estate problems. Many a time, developers deliberately delay their projects until they get the specific number of buyers. And, others divert the money paid for one project to fund some other project.
●Deviation from approved plans: Upon completion, many projects take several deviations from the approved plan in terms of common areas. Buyers often feel cheated as they have to compromise on common amenities like a dedicated parking space despite paying through their nose.
●Delayed approvals: Despite getting the possession of their apartments, there are cases where even after several months the owners fail to get several sanctions for utilities such as electricity connection, water connection, etc. This happens because in most of the cases, the housing complex plot is in unauthorised layout or sub-divided land, the building is constructed with land use violation, or there are floor area violations.
How you can avoid this?
For buyers, who invest their lifetime savings in any project, no amount of caution is too much. Here are certain safeguards you must take while buying property:
1. Check developers track record
Always go through the track record of the developer. See within how many developers completed the last project when they allocated the units to people.
2. Go in Details
Brand value of any project, what kind of approach developer had taken to complete the project if they had any problems.
Talk to the investor who had invested in the initial days of the project where you want to invest
Always go in details of any project, Try to get every minute detail of any projects.
Check ownership (Title) of any property before buying, also try to collect the history of property whether it’s in any dispute.
Go to the details of approvals which kind of approvals is been given to property where you are planning to invest.
First priority before investing in any property see the project is been registered with RERA.
RERA plays an important role in Real estate and on RERA website see every detail of the project and possession dates.
3. Keep calm and buy a property
Always keep yourself calm before buying any project No need to hurry there are a hell lot of different projects in real estate.
4. Always hire professionals or Take the advice of Hookfish
Real estate investing is not done daily it is a one-time investment for some people.
Real Estate property fraud and real estate scams are most common these days.
This occurs mostly because of Lack of information and knowledge.
Read the agreement paper understand all the rules and regulation in deep with the effect of it in upcoming days.
Always consult to experts like Hookfish who will show the way of investing in real estate Mumbai or residential properties in Mumbai.
5. Prefer Paper’s
Take the advice of legal advisors, lawyers, etc.
Always take promises in writing because after investment you would be provided with particular terms which were previously told to you.
So prefer everything in writing this could act as evidence if any problem occurs in the future.
So these where some scams and frauds which can happen with you so beware about it.
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