Have you ever wondered How to Safeguard yourself from Real Estate Scams and other fraudulent practices common to the industry?
Well Lucky for you,
We want to give you a few tips on how you can prevent yourself from the cruelty of Real Estate Scams. But before that, let us explore how these real estate fraud firms conduct their fraudulent activities.
Usually, they pretend to be a proper real estate agent and tell customers that they belong to one of the biggest realty brands in the country. Then they inform their customers that an investment in one of their properties will ensure a 100 percent return on investment (ROI).
They create an attractive website that shows affordable as well as expensive properties, which usually turns out to be a single web page or real estate micro site. Their main motive is to influence customers to visit their website and motivate them to submit their details online so that representatives can contact the customer and encourage them to purchase the property without even visiting the property.
And if the customer insists on visiting the Site then these fraudsters will say that the site is under construction, bookings have been almost filled and only a few slots are left. These kinds of circumstances are created by these fraudsters that influence the customers to purchase the property online.
But that's just one of the ways the scamsters try to fool us, here we give you 9 tips to safeguard yourself from realty frauds and scams-
Once you get a call from a real estate agency then you must question them about the location of their office that will help you to get an idea about the authenticity of the information provided by the concerned person. Then your next step is to research the firm so that you can get an idea of the quality of their services.
Misrepresentation of Title is the scenario whereby the ownership of the property has not been properly portrayed. It is one of the most common real estate scams in India and many fall prey to it. The representatives usually prepare duplicate papers of properties that do not belong to them and then sell them to others. These types of circumstances occur when the property has not been used for a longer period.
To solve this problem, the customer can verify the title of the property by an attorney and obtain a legal heirship certificate that defines the relationship of the owners.
One of the most common real estate scams is delayed projects. The developer promises possession of the product within a certain time-limit but in the end, the customer receives a breach of trust.
The solution for these kinds of problems is to contact the developer frequently to obtain the status of the project but still, if the project is being delayed then you have an option to file a case against the developer.
Most of you guys might be wondering that renting an apartment is much easier than buying a house.
But there are a few instances where you can go wrong.
Let us bring forth certain facts that help you understand the reality of the real estate industry.
According to recent reports, 43 percent of the general public often fall prey to the fraudulent listings within the major websites. Thus over five million buyers have been scammed over the last few years. This is why we should always check out property portals that brings you verified listings like us.
As a property buyer, you must be cautious about false advertisements online, so we suggest that you either ignore or double check the same before jumping in.
You must differentiate between the people who are willing to meet you to execute the deal and the people who just want you to purchase the property without even having a glance at it.
While forcing cancellations, the developer would delay the project that was earlier sold at lower rates and later re-sell the same project at higher rates. And after a while, when the property rates tend to increase then the developer cancels the units that were sold at a lower rate just to gain higher profits.
As a solution, the property buyer can specifically ask the developer to give in a written statement that the units will not be canceled if the prices increase at a later stage.
Some fraud developers make slight changes in the approved plan to misguide the customers. If the changes made in the plan have not been approved by the civic authority then the developer gets into big trouble with regards to the demolition of the property.
As a solution, the property buyer can file a complaint against the developer on the conduct of fraudulent activities.
The best way to prevent real estate scams is to acquire good information about the property. You must check the ownership of the property as well as the track record of the developer so that you can understand the brand value of the company.
As a property buyer, you must understand and analyze the behavior of the representative. You must interpret whether the representative is trying to force a decision on the customer or whether the person is trying to give you enough time to think about your decision to purchase the property.
You must be clever enough to understand what the representative is trying to do. You should meet the representative in person so that you can observe his body language, communication skills, and interpersonal skills.
Though we are all living in a digital environment where numerous transactions occur digitally, we would advise you to go for tangible proofs and transactions to avoid fraudulent activities from developers.
Always ask for written statements that specify the authenticity of the information provided by the developer.
Our Government too has taken various steps to curb corruption and regulations to aid the innocent victims of real estate scams over the years. Reforms such as RERA & Demonetization were the two major undertakings of the Indian Government to protect the common man from the frauds in the industry. Along with the same, the Judiciary, including the Consumer Courts are too working diligently to provide Justice to the victims and scapegoats of realty scams. There are various other digital real estate schemes like Khata Online, Patta Chitta Online, helping the common man back up his hard-earned properties from scamsters.
And thus to conclude, we would like to advise all the home-seekers around the world to be cautious and become proactive towards the prevention of Real Estate Scams.
Which are the most common Realty scams in India?
Rental Scams are the most common in India as most people prefer renting instead of Buying.
What should you do if you've been cheated in a transaction?
Rather than trying to negotiate with the fraudsters, you should always go through the proper channels by filing a complaint and seek the help of legal and civic authorities. The proper channels might take time but it's better than losing off a significant amount to the tricksters. After all, negotiations are a win-win scenario for those who indulge in real estate scams!
Get the Latest News and Updates Of Indian Real Estate
Well, we are aware that real estate has never exactly been one of those binge-worthy blog categories. It has neither been the kind of topic you could not get enough of, nor is it half as juicy as celebrity gossip.
However, in India, real estate blogs are starting to get clicks and likes, and it has become one of the trending topics. People worldwide are beginning to realize how real estate as an industry affects the economy and how important it is to understand housing trends to enhance their lifestyle.!
The relevance of informative Indian blogs on real estate and finance are at an all-time high now. The youngsters are bidding big on investment options, and brackets such as realty have proved to be highly dependable compared to others.
The Millennials are flooding in to invest in apartments, plots, and villas, and the earliest members of the Gen-Zs' entering the workforce and looking forward to having their own homes. This has only fuelled the growth of digital real estate blogs to keep up with the tech-savvy generations.
Also, the real estate sector has been proving time and again, how reliable an investment choice it is. So, learning about the sector is the smart way to climb up the ranks, and where else can you learn so much except from real estate Blogs! Real estate is the second-largest contributor to the country's GDP; hence there is no doubt that it affects every one of us, whether we see a future in the Real Estate Industry or not. After all, we all live in our homes, and housing is a significant part of the industry.
We know exactly what you need to know and what you like. We know you want to feel engaged and entertained, and at the same time, hot housing news should be fed to you! We have turned the tables, grab a spoon, and start digging!
And Voilà! We present to you the most Interesting and Informative blogs!
As our name implies, we are not limited to realty alone, granted we do Specialize in it. We are all about Homes, and we are in love with Tech and Innovation! Naturally, our blogs cover a myriad of topics related to real estate and housing from Luxury, Lifestyle, Home Decor, Vastu, Real Estate News, Reviews, Tech & much more!
We make every one of our real estate blogs as interesting as it can get and attach with absolutely unique and accurate images, to provide you a better understanding. Not only do we cover a wide range of topics, but we also cover them at the right time. We update you on our socials such as Facebook, Instagram, Linkedin, Pinterest, and Twitter on every trending topic, so you are never miss anything and worry about being left behind!
However, we never go out of hand with our Indian real estate blogs that our beloved Readers have come to love over the years.
Everything in India is a state of constant flux; maybe that's why we Indians became one of the most adaptable and cosmopolitan people in the world!
If the nation's elements are shifting its focus, how can real estate be any different? Indian Real Estate Sector is perhaps one of the most dynamic ones in the entire world. Since the Real Estate in India is yet to be organized entirely, the variations in one segment affect another in ways difficult to comprehend.
The complexity and nuances can be understood only by reading about what is going on in the sector. Like we mentioned above, it affects every one of us. Hence it is essential to keep up to date.
With its ever-changing shifts and tides, it's virtually impossible to keep track of the sector's latest trends and sink our anchor deep. That's where we come in! We are just one google search away!
We also try to solve every home-related query through our Indian real estate blogs. And that's not all. We provide you insights on technologies that make the modern taste and rate of development possible, detailed analysis on real estate projects, insights on loans and taxes, advice on the home buying process, and articles on health and fitness. We provide you information about the trending topics in the Indian real estate industry.
We also host video podcasts named Expert's Voices, where we discuss with the leading players in the industry about market scenarios, offers, anything and everything related to real estate.
In addition, we host Real Estate News so you can stay updated on the sporadic events that happen around the country concerning Indian Real Estate. We also make short and easy to understand real estate video blogs.
We have got so many topics to read about that even if you have years of experience or are just curious and googling to get some ideas about Indian real estate blogs, you will find the best ones here.
At Homes247.in, we strive to provide you only the best real estate blogs. Our blogs are always entertaining; even the dullest subject we touch upon, we try to make it engaging. We make sure the best of the best is are the only standard we keep ourselves at when it comes to our service or our Indian real estate blogs.
Our team is made of a dynamic group of keen hands-on expert researchers who work tirelessly along with passionate and knowledgeable content writers to bring to your fingertips the world of real estate.
On every one of our real estate blogs, we research vigorously, write creatively, carefully compile, and thoughtfully curate the best real estate blogs, especially for you, from India's best content writers and contributors.