Tips Avoid Fraud Property Buying
With the real estate sector in India experiencing unprecedented boom times, there has never been a better time to own property in new and upcoming areas. Yet, while the property/ real estate market presents enormous growth opportunities, it is also replete with innumerable cases of fraud perpetrated by unscrupulous builders and fly-by-night operators cashing in on the property boom. As a prudent property investor, it is imperative that you make the right choices, both in terms of where you buy property or who you buy it from.
We present some simple tips to consider when buying your property in India so that you can not only make yourself immune to real estate fraud but also capitalize fully on the wonderful opportunities presented by this sector.
Research & analyse the market:
Do a careful and extensive study about the real estate market, especially if you are the first time property buyer. Verify that the location offers great development and growth opportunities.
Approach a reputed real estate agent or realtor:
Consult a reputed and well-experienced real estate agent to avoid getting in scams or fraud. Take referrals from people who have already been serviced by the company or real estate agent. It always pays to work with a respected and established brand like Disha Direct that strives hard to get you more than a fair property deal.
Personally inspect the property and get an independent property valuation:
Before you decide to purchase a property, you must personally inspect it thoroughly. You must ensure that the property which you are likely to own is legally approved. It should not be developed on any forest land area or on an agricultural land. Hire a home inspector or an independent property valuation agency who can look over the prospective property. Be personally present during the home/property inspection.
Closely review property title deed/ related documents:
Be very careful with documents like title deed and carefully examine all the papers of your prospective property. It must be free from all kind of claims, mortgages and encumbrance. You should be fully satisfied that everything about the property is legitimate and fully transparent.
Hire a competent legal consultant experienced in property matters:
Find a good and trusted lawyer or legal consultant experienced in property matters to help you with the legalities of the documents and other concerns. It will keep you away from any fake and illegal transactions.
Check comfort level with your real estate agent:
A good property agent should guide and help you until you close a deal and own the property. So ensure that you share a good comfort level with your agent. Of course, the comfort level by itself does not assure you a fraud-free deal, but it certainly helps to have a trustworthy and helpful realtor that you are comfortable with to help you through with the deal.
Be wary of close acquaintances who "push" property deals:
Take their help but be cautious as well. A healthy dose of skepticism
Real estate investment " be it in a flat, bungalows and villas, or even non-agricultural plots"is most often one of the safest investment bets. However, like with every investment decision, it is important to be diligent and learn and understand the mechanics of real estate investment. Following some of the tips above, you can not only prevent becoming a victim of real estate fraud, but most importantly profit from the wonderful opportunities that property investment in India now offers.
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