In India, millions of people work hard to earn enough money to build or buy their own homes and property. But the moment they do manage to save up enough, their excitement clouds their judgement, and they end up handing over their hard-earned money to the first builder they find to bring their dream home to life.
Builders take advantage of people looking to buy sell property in India and indulge in the following types of frauds to increase their profit margins and try to stick the buyers with a property that is more of a nightmare than a dream.
- Title Frauds
Cases have been recorded where builders duplicate title deeds of vacant or disputed projects and sell them to gullible buyers. Another fraud that is sometimes committed is the builder specifying a part of the land to buyers when it is not a part of the project.
- False Promises
The real estate industry is facing increasing competition as more and more people move into cities and towns. To stay ahead of the competiIntentional Delaystion, builders resort to making false promises to lure as many buyers as they can in the initial phase of a project to meet their funding requirements.
- Intentional Delays
Unethical builders are known to delay projects deliberately until they get the requisite number of buyers while others divert the money from one project to other, delaying both the projects. Indefinitely delayed projects and disappeared builders are common fraud these days.
- Delayed Approvals
People interested in buying sell property in India face problems even after taking possession. These problems arise due to pending sanctions for water and electricity connections, and other issues like land use violations, setback violations, and floor area violations caused by the incompetence of the builder.
- Deviation from Approved Plans
Apart from making false promises, builders sometimes end up deviating from the plans they used to rope in buyers. This leads to buyers compromising on standard amenities, spaces, and other promised luxuries. Even the core amenities like dedicated parking spaces are scrapped despite the fact that the buyers had made additional payments for the same.
Apart from looking for the essential amenities, buyers should beware of the fraud that can be committed against them in the real estate market using trustworthy websites like zamroo.com to display information from amenities to construction status. Buyers should always take cautious steps towards the completion of their dream home. Like us on Facebook.