The capital city tops in listing of term cases related to fraud in property dealing according to the reports. The cases involves selling loaned property to more than one users or fudged paper are typical methods used while not the people are showing some unique ways to cheat investors now a day. Recently, a real estate Mumbai company with its promotional documents has used other projects that are executed for getting trust of investors. Consumers now are more informed still falls in scams. These scams are running around large scale from the legal frauds to fly by night developers by giving false promises and with unusual advertisements like get something free offers. Here shows some of the scams running around in Indian real estate sector where investors need to be cleverer now:-
- False promises with advertisements
- Assured fixed rental income to get from invested properties
- Duplicating title deeds of any vacant or disputed project which later sold to some innocent buyer
- Delaying or disappearing from the project by the developers
- Taking deviation from approved plans in term of some common areas
- Buyers left empty handed in despair even after getting possession of property due to many reasons like no sanction of house utilities.
Real estate businesses are on soar again now with some key players in investment. This is the perfect time for investing in property in Mumbai upcoming projects. As properties are most profitable possession people owns but on the same time you must be cautions regarding fraud practices in property dealings. It can be very crucial while making a choice of property to buy it and from whom you buy it.
With the increased opportunities in real estate sector, cases of fraud are more. Even there are dishonest builders who perpetrates and cash in the property boom.
Here are some tips to be considered when you are planning to buy a residential property in places like Mumbai, Delhi etc, in that way you protect yourselves from this real estate fraud:-
If you are not completely aware of current real estate market then best to do some extensive research and studies of latest trend in real estate. Try to know what the locality offers in top line advancement and the coming growth opportunities. You can also approach any financial mentor who can help in taking decision based on current market trend and make lucrative investment.
- Consulting reputed agent
You can avoid getting into any scam or fraud by consulting a professional or well experienced agent of real estate. The areas where you want to investment, from there have some referrals and suitable guidelines from the one who is very popular in this field of investment. You can ask for feedbacks from the users who already got service from that agent. There is huge benefit in working with most reliable and efficient agent to get your deal at an affordable price.
- Personal inspection and appraisal of property
Before you purchase any property, have a personal inspection conscientiously to avoid fraud case anything. And make it sure that this property is out of all legal issues.
- Close review of deed and related documents
You must be careful with the property title deed and other documents. Examine all the papers are original before signing down any legal paper regarding your prospective property. It should not contain any kind of liability, claims and encumbrances. After you get fully satisfied with everything that related to property is genuine and completely transparent forward with the deal.