With the growing real estate market many builder raised overnight in which some rose to fame and many were fake who looted buyers dream and their money. Here is a scenario how the builder framed his project and looted the buyers.
False Assurances
A recent scam of a well-known builder who intended a dream project with world class amenities was revealed with many discrepancies.
The planned ‘dream’ project was intended on a desolate land, which was used to scrap yard by the localities. The builder converted the plot through unfair way and planned with several towers and floors in the area in illegal means.
The project was even launched with highlighting the location, neighborhood, and amenities. The builder promised for a proposed metro station in the corridor of the project, a golf course where slums, villages and polluting factories were setup. Later, it was found that the metro project was scrapped within a few months of the proposal.
This incident is an example to make buyers in taking precautionary actions. Though builders may offer attractive projects, buyers should not get lured by them and conclude their buying decisions on projected developments. Buyers should also know that development of public infrastructure may raise the property prices but if the development project is cancelled the value of the property may reduce or remain the same.
To avert any such fraudulence, buyers can include these points in their checklist before deciding on any projects:
- Check for proposed public infrastructure at the builder’s office
- Confirm at the district town planner’s office about construction plans of rail links and highways
- Check for conversion of land at the Mandal Revenue Office (MRO)
- Verify at the development authority’s office or in the regulations of the area about the land obstacle and the height of the building
Along with these, buyers should also check for the sales agreement papers in detail for the house plan, EMIs, carpet area, balconies or lobbies, and property prices are in place and are as approved by the municipal corporation.
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