We are all Bollywood fans! And Bollywood plays a very important role in our lives. For instance movies like ‘Bunty and Babli’ and ‘Ladies v/s Ricky Bahl’ teach how people can easily scam innocent buyers using their tricky yet fraud schemes.
With the rapid boost in the Real Estate sector, there has been a consequent increase also in the real estate scam area. There have been a lot of cases wherein we see how buyers become the victims of such scams. Here are a few scams that a buyer needs to be careful about:
There have been scams related to the title in the real estate industry. The scammer duplicates the title deeds of vacant projects and tries selling it to the innocent buyers. And when the scam is detected, the scammer by then has already disappeared along with loads of illegal money taken from the buyers.
Hence, a buyer needs to be highly careful and vigilant. They must have a thorough and deep research about the property as well as the buyer.
With the growth of Real Estate, there is an increase in competition among the buyers. They in order to bring in more of buyers advertise fake promises about the project, just to tempt the buyers. There was an instance that happened in Gurgaon wherein the builder promised a 12% return on the invested money till they property was handed over. But when the company gave the cheque to the buyers, the cheques happened to bounce.
Therefore, a buyer should now merely get tempted and attracted by such advertisements.
This is one common scam that takes place in the Real Estate industry. The builder induces the buyer to pay a reasonable amount and then they tend to start delaying the project progress for getting more buyers. And then there are some builders who use the pooled money from one particular project into another project. Thus leading to a delay in both the projects.
Well, now with the RERA bill, buyers can file a complaint against such delays to the Regulatory Authority, who will have to take immediate action.
DEVIATION FROM ORIGINAL PROJECTS
There are a lot of cases where the buyers are scammed with a final project totally different from the approved one. The developer compromises on amenities, spaces, parking etc.
For this again the RERA bill will now act as a shield for this scam also.
Investors are becoming aware of the scams but the scammers always find a new way. Hence, it is the responsibility of the buyer to carefully look and research into what they are purchasing.