• Monday, 6 February 2017

    Beware of Real-Estate Frauds

    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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