Over
the last decade or so, Bangalore has become one of the fastest
growing cities in the whole of Asia. Plenty of residential hubs and
commercial spaces have been developed in the recent times that have
increased the prospects of the real estate industry in this part of
India. Investing in a property in Bangalore is nowadays considered to
be an exciting venture as it can generate huge profits in short term
and also on a long term basis. Flats in Sarjapur Road as well as in
other notable areas enjoy constant demand due to the positive returns
that they can bring. There have been numerous cases of such
successful investments wherein people who have invested their money
on plots in different parts of Bangalore a few years or decades ago
are currently enjoying high profits generated from them. However, in
the midst of all such growth there has also been a steady rise in
real estate frauds. Numerous cases have been recorded where people
have become victims of fake property deals. Due to such reasons, it
has now become important for people to be aware of such possible
frauds taking place in the midst of genuine real estate business
transactions.
While
at one point of time, getting a land property or
apartments for sale in Sarjapur road was considered to be a
highly lucrative option, people are now thinking twice before going
ahead and investing their hard earned money. It is no surprise that
many people actually have nightmares when it comes to the genuineness
of the property deals that they are getting involved in. There are a
number of telltale signs which might indicate that a person is
involved in a property deal that is not exactly legal. It has
recently been observed that a number of people are actually paying
their property taxes without having any clear idea. Other signs of
illegal transactions and deals include improper documents or absence
of all the necessary documents and papers, taxes that have not been
paid properly, real owner of a house is not operating as its seller,
disputed lands or properties being sold without any sign of warnings
and plots of lands not being sanctioned or approved by concerned
authority. Many people looking for 2 & 3 BHK apartments for sale
in Sarjapur Road have reported of such cases and these are now being
taken into account by the legal authorities.
Statistics
reveal that by far most of these property fraudsters focus on NRIs as
their target audience. Since most NRIs who are looking to buy
property in Bangalore find it difficult to actually come here in
person and have a look at the site, the plot of land or the
apartment, real estate agents take advantage of this situation by
selling the property to the buyer through illegal means. Many times,
the NRI property buyers end up paying much more than the actual price
of the property. There have also been numerous cases where the
fraudsters and illegal brokers actually get copies of the genuine
legal documents of the NRI buyers and then use them for their own
nefarious purposes in the future. In many instances, the right value
of a property is changed.
Keeping
such things in mind, people looking to invest in commercial and
residential projects in Sarjapur Road, Bangalore should be wary of
the possibility of illegal transactions that they may inadvertently
be a part of. They should buy property only from a registered
property developer or owner and get all documents checked by legal
practitioners before actually investing their hard earned money with
a new property.
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