Real estate is becoming the most profitable business in the contemporary world. Take a look at India; the property market is increasing at an unprecedented rate. And amongst the most visible signs is the development of many residential buildings across the country.
That said, just because many projects are in the pipeline, it doesn’t mean there are no issues in the system. That is to say, you need to require a lot of research and caution if you plan to make an investment in the property market of India.
No country is free of scammers. Such people will move earth and heaven either to sell you fake properties or to make bogus agreements. Although spotting a real estate scam is a hard nut to crack but we are here to help you out.
When looking for 2-BHK flats for sale in South Mumbai or any other prestigious location in India, here are a few things which you need to take into account to avoid landing in troubled waters.
First thing first, avoiding unreliable agents should be your topmost priority. You can become more prone to property scams when investing in real estate in India once you build connections with unknown property agents. Therefore, you need to make sure that the person on which you are relying upon belongs to a certified real estate agency operating in the locality.
Visit their office; this way you can verify their authenticity and credibility. Also, thoroughly inspect their website if they claim to have any. With a little research, you can find reputable property portals. By depending on them, you will be able to avoid major scams. These portals can assist you in getting in touch with agents that cannot only be tracked but also be trusted.
There are various websites in India that claim to be real estate portals. However, most of them even lack the mechanism to block people who list fake properties. Even if you are searching these sites, ensure that the price of the property you intend to buy is not extraordinarily greater or lesser compared to other similar properties.
Also, search only those properties that have a ‘blue check-mark’ on the top right corner. This will ultimately verify the physical existence of the listed property. The predicament of the false listing is going to remain for a longer period and you have to remain alert to avoid this most common property fraud.
Fraudulent Property Buyer
Watch out! A potential investor in your property could be a hoaxer as well. Therefore, you should hold a face-to-face conversation with them and fetch as many details about them as you can before making a deal with them.
Never forget to ask about their ID before discussing any matter(s) whether it is related to money or property. Do not handover them any official paper or documentation containing information regarding property possession or ownership until you finalise the deal with them.
One of the most common property frauds you should avoid is fake documentation. Have you got the original property documentation from the concerned party or not? This is one of the most important yet concerning queries that hovers around in the mind of anyone involved in the real estate business.
It’s very pertinent to get the papers verified by using proper means. Therefore, seek the advice of the concerned property lawyer or involve a proper law institution to comprehend the legal complexities behind. Never accept or sign a document that you find suspicious and always take into consideration the process of legal verification.
Buying or Renting an Unseen Property
This is yet another big mistake that many people commit. In order to free themselves from the trouble of travelling and inspecting the property, they invest their money on buying or renting on a property which they have never seen.
Digital mediums such as maps, GPS and pictures shouldn’t be the only medium that you should rely on. So, always give a tour to the place that you plan to rent or buy, examine it methodically and then take a plunge.
It’s always a good idea to keep a checklist of all these aforementioned points whether you are planning to invest in sea view apartments or luxury homes in India. Although, the scammers will do their utmost effort to douche you, by taking some measures you can avoid the misfortunes. That said, in case you have been defrauded or sense if someone is trying to mess with you, always inform law-enforcement authorities.