Every Buyer Should Be Aware Of Property Scams in India
Property scams in India are like a dent in the real estate ecosystem; they range from bogus listings to title fraud. Buyers are tricked by con artists by inflated pricing and promises of high investment returns. On the other hand, by being watchful and proactive, one can prevent being a victim of property scams. This blog provides a thorough how-to guide for property buyers and victims of fraud regarding their legal options.
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India’s real estate market is growing in terms of both price appreciation & investment possibilities, which is drawing in buyers. But there is a risk of real estate scams even in the midst of alluring offers and prices. Buyers are duped into making a large investment by dishonest developers and fake listings, only to be let down by fraud in the end. To draw in customers and investors, the con artists also employ a range of ruses, such as guaranteed returns, bait-and-switch, mortgage deals, & more.
If you’re considering buying a property as well, be on the lookout for warning indications of property scams. In this post, we examine typical forms of property fraud and offer workable ways to stay out of trouble. Continue reading to protect your rights and gain confidence in navigating the real estate market.
Types of Property Scams in India
Property scams are designed to trick investors and buyers in a number of ways. The following are a few prevalent forms of property fraud in India:
| Types of property frauds in India | |
| Title fraud | Forged deed fraud |
| Disputed property title | Mortgage scam |
| Title deception | Forced cancellation |
| Delayed approvals | Assured returns |
| Encroachment | Inordinate delays |
| Selling to multiple buyers | Pre-launch scams |
| Bait and switch | Dubious agreements |
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How can you spot a property scams or scammer?
Buyers can be protected and issues can be avoided by recognizing a property fraudster or scam. Throughout the real estate transaction, purchasers are advised to exercise caution and keep an eye out for any suspicious activity.
Request for advance payment
Sellers that engage in scams may want substantial advance payments prior to fulfilling legal requirements or supplying essential documentation.
Unrealistic pricing
Examine costs since con artists frequently entice purchasers with offers that are less than fair value in an effort to seal the transaction swiftly.
Fake or incomplete documentation
You can confirm the legitimacy of property records since con artists sometimes use falsified or insufficient paperwork to conceal legal problems or property disputes.
Hidden charges
Verify the conditions of the agreement for any additional fees, taxes, or charges. At a later stage of the property purchase, the con artist can attempt to add unforeseen costs.
Unregistered developers
Check the estate agents’ qualifications, and make an effort to work solely with professionals who are licenced and have a solid track record. Make contact with the appropriate authorities to confirm a developer’s legitimacy and dependability.
No visit or inspection
If you are unable to visit the property in person, do not work with agents or developers.
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How to avoid being scammed when buying a property?
When purchasing a property, a buyer needs to take a number of safety measures to prevent fraud. Learn how to guard yourself against real estate scams by following this extensive list of instructions:
Verify documents: Examine all property-related papers thoroughly, such as building blueprints, sale agreements, and title deeds. Seek legal counsel in order to confirm the legitimacy of these documents.
Research thoroughly: Make a thorough investigation of the seller’s reputation, market trends, and the location of the property. Make sure there are no lingering disputes by confirming the property’s ownership and title.
Visit the property: It is important to physically view the property before committing to anything. Examine the neighbourhood, facilities, state of the property, and any possible structural issues.
Stay vigilant: Buyers should exercise caution at all times during the real estate transaction. Reassess and take a step back if your developer puts undue pressure on you or if you feel uneasy at any stage during the process.
Avoid cash transactions: Never send big amounts or cash without the necessary paperwork. Keep track of every transaction by keeping receipts and recording bank transfers or checks.
Seek legal advice: To evaluate contracts, agreements, and legal papers, speak with an attorney. A legal expert can see any dangers, gaps, or provisions that could cause problems down the road.
Legal options for victims of property scams
Victims of property scams have a few legal avenues to pursue in order to get justice. While they raise the likelihood of healing from a loss, these choices do not guarantee a perfect outcome or success rate. The following are some legal options available to victims of property scams:
Civil lawsuits: To obtain recompense from the con artist, you may bring a legal action against them. Victims may be able to recoup costs associated with civil action, including token money purchases and attorney expenses.
Criminal complaints: Purchasers may submit criminal complaints with the police in situations involving illegal activity like fraud or forgery. A scammer may be apprehended as a consequence of criminal investigations, which could result in jail time, fines, or other sanctions.
Consumer protection laws: Laws protecting consumers’ rights and aiding those who have fallen prey to deceptive activities are found in many nations.
Legal expert consultation: Victims should get legal counsel from a licenced practitioner with experience resolving property-related conflicts. A legal specialist can evaluate the circumstances and walk them through the legal options.
Conclusion- Property Scams in India
In conclusion, there are many different kinds, styles, and techniques of property scams in India. Buyers are tricked by con artists using inflated pricing and requests for an upfront payment. Thus, in order to prevent property fraud, buyers should conduct extensive research, double-check documentation, and speak with an expert. In the event that you notice anything fishy, you should back off. You can pursue legal action to recover damages and receive compensation. Generally, the best defence against property fraud is to remain alert and watchful.
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