The growth potential of the Indian economy has led to increases investment in the real estate sector by the big MNCs and individuals as well. Among these are fake property developers who come up with fraudulent schemes to fleece the investor with their hard earned money.
They come up with the ingenious method and scheme to serve their end. Fraud from the property developers in Delhi NCR has been the highest in the country.
One needs to be very cautious and plan out in detail and do thorough research before investing in any property. It is a matter of losing 5 to 10 years of hard earned money for a salaried individual.
So, what are the checks and measures to counter such rampant fraud in the property market?
Always check out the market reputation of the property developers and agents in Delhi and adjoining areas as many of them turned out to fly by night operators. Always enquire from the local people and businesses instead of solely relying on what the developer promises.
Ensure to check the identity proof and license of the developer and all legal documents to work on a property project. One needs to ensure that all the documents are passed by the related legal authorities to commence any project and have the required sanction and license to do so.
Use of mortgaged property and selling it to multiple buyers and also using forged documents is the most common way to cheat people. Investigation of the property and the title deed is a must. Get all the documents related to the property verified by a competent lawyer.
Keep a copy of all the related documents with you. The property on sale should be free from any legal issues and claims or mortgages. It also should not involve any family dispute or third-party claim. Also, the seller should not have issued power of attorney to other party and in the use of power of attorney; the original owner needs to be alive.
Also, Read:
Rules For Investment In Property
Property and Affordable Home Loans
How To Manually Choose A Real Estate Loan
Property Investment Ideas on Festival Season
Conclusion
Any lapse in conducting thorough check can lead the investor to bear the heavy cost, police case, court litigation and mental agony. Propknack is trusted Finance and Real Estate Blog in India
