Whatever you are led to believe, real estate investing in India can be difficult. Despite so many laws and regulations, scammers still rob buyers of their hard-earned cash. The rising rate of real estate fraud in India is alarming, especially for new investors who may be unfamiliar with the various techniques used by scammers. People lose money as a result. And above all, I feel safe.
But as a savvy investor, you can protect yourself from both by being aware of common types of real estate fraud. If you’re looking to trade, here are the top 5 most dangerous real estate scams you should know about in India today.
Deception In Title
Title fraud is one of the most common real estate scams in India, where scammers sell one or two disputed properties. B. Mortgages unknown to the buyer. Multiple buyers often pay symbolic (sometimes huge) sums for the same property. And by the time you realize you’ve been scammed, it’s too late.
Misleading Promises by Clients
Often, promises are made to the purchaser that turns out to be false. This is certainly one of the most prominent types of real estate fraud. For example, you may be tempted to invest in a particular property by a builder’s promise of huge profits. Or if you invest right away, he can lure you in with a big discount. Property fraud in India often takes the form of delayed ownership. The buyer receives the property many years after the promised date, and the property is usually legally complicated.
Force deletion of properties
Sometimes a buyer invests in a property at a certain rate and things seem to go well until they don’t. Builders delay projects, and when properties increase in value, they try to cancel previous bookings and resell the same properties at a higher price.
Various buyers in India fell prey to such real estate scams as there was no way to verify the true intentions of the contractor/developer in question.
Ownership documents and tour apology
Real estate is prone to fraud, especially as it relates to property ownership. And in some types of real estate fraud, buyers do not have access to such title documents. Also, in these cases, builders often make excuses if the buyer wants to physically inspect the property. And if they keep this charade going long enough, an innocent buyer could fall into the trap.
How can I avoid various types of real estate fraud?
Consider getting legal help
Indian buyers are more likely to fall for real estate scams as soon as they realize the scammers lack legal knowledge. Getting legal advice from a lawyer is the easiest way to avoid fraud when investing in real estate.
He/she will help you identify fake realtors and also help you avoid and deal with legal issues that may arise later.
take a deep breath before making a decision
Real estate fraud mainly occurs when the buyer is in a hurry. Builders use this opportunity to quickly sell controversial properties or receive huge counterfeit money.
So the best way to avoid scams is to take things slow and don’t let the developers smell your desperate feelings about buying real estate. If you want to buy Luxury flats in Sector 92 Gurgaon Also, take time to think instead of making deals on a whim. You can experience a new way of life thanks to our exclusive residential network that is very reasonably priced.
Evaluate the credibility of the builder
With so many realtors out there, choosing the most reliable one can seem daunting. However, you can find out how reliable the contractor you are contacting is by checking their track record. If they’re experienced and really keep their promises, you might have made the right choice.
But don’t forget to gather more information about them. The easiest way to do this is to talk to the owner of an already completed project.
Kamal Associates is a trusted real estate agent in Delhi who believes in customer satisfaction and honest business practices. We have helped many buyers avoid many types of real estate scams and find their dream homes. Get help in making the right real estate investment.
