The real estate market in India is booming, but with this boom has come an increase in real estate fraud. Countless money and hard-earned investment have been lost to real estate fraud in India over the years. This is a serious problem that can have a devastating impact on the victims. As a real estate buyer, your best course of action against it is to stay alert and aware.
For starters, one should know that there are many different types of real estate fraud. Some of the most common include:
If you are considering investing in real estate in India, it is important to be aware of the risks of real estate fraud. Here are 7 checks you can do to keep yourself safe:
Before you invest in any property, it is important to do your research. This includes checking the background of the developer or builder, their past projects, and the property itself. You can find information about the developer or builder on the internet or by contacting the local government. If they are a member of registered bodies such as CREDAI, then you have a good reason to trust them. You can also get a home inspection to check for any potential problems with the property.
Once you have decided to invest in a property, it is important to get everything in writing. This includes the purchase agreement, payment terms, and delivery schedule. Make sure that you understand all of the terms of the agreement before you sign it. Don’t forget to insist on including a delay clause.
If a developer or builder is using high-pressure sales tactics, it is a red flag. These tactics are often used to pressure people into making a decision without thinking it through. If you feel pressured, it is best to walk away.
If something doesn't feel right, it probably isn't. If you have any doubts about a property or a developer, it is best to err on the side of caution and walk away.
A home inspection is a good way to identify potential property problems. This is especially important if you are buying an older property.
If you have any questions about the property, the seller, or the real estate agent, don't be afraid to ask. The more you know, the better protected you will be.
Taking the help of an expert who knows the inside out of real estate legalities is the best thing you can do to safeguard yourself from scams. Consult with specialist legal advisors when it comes to your property documents, government approvals, builder plans, etc. Only go ahead with an investment if you have the thumbs up from your advisor.
By following these checks, you can help to protect yourself from real estate fraud in India. If you have any concerns, you can always consult with a lawyer or a financial advisor. Here are some additional tips to help you stay safe from real estate fraud:
If you think you may have been a victim of real estate fraud, then don’t hesitate to file a complaint with the police, the local government, or the Real Estate Regulatory Authority (RERA). You can also contact a lawyer to get help.
So, you’ve found your dream home, arranged for the finances to purchase it, and are now ready to live your desired life carefree. But amidst all that, as a new or prospective home buyer, you must not let one critical part of the property purchase process go unnoticed: the sales agreement!
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