7 Checks to Keep You Safe From Real Estate Frauds

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:

• Property scams
• Land grabbing
• Forged documents
• False promises
• Delays in possession
• Assured rental incomes
• Non-delivery of property

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:

• Do your research

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.

• Get everything in writing

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.

• Be wary of high-pressure sales tactics

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.

• Trust your gut

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. 

• Get a home inspection

A home inspection is a good way to identify potential property problems. This is especially important if you are buying an older property.

• Don't be afraid to ask questions

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. 

• Hire a legal advisor

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.

Final Thoughts

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:

• Only deal with registered developers and builders.
• Check the developer's track record.
• Ask for references from previous customers.
• Be wary of properties that are being sold for significantly below market value.
• Don't pay any money upfront.
• Make sure that the property is registered with the government.
• Get a home inspection before you buy.

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.