How to Avoid Property-Related Frauds

Planning to invest in a property? Here are some of the steps to prepare yourself before finalising a deal
 
Since the turn of the century, real estate industry has flourished tremendously. With the consumers as well as big time investors considering property as a safe investment, there has been a huge rise in property related transactions. However, this trend has given rise to many  property related scams and frauds. Although consumers are nowadays better informed, many times these scammers take the advantage of naivety of consumers and lure them into exciting offers which they can hardly refuse before ultimately getting scammed. From a consumer point of view, it is, therefore, important to have sufficient knowledge about the property business before eventually spending their hard earned money. With a quality market and industry research, we have put together some key issues that a consumer must be aware of before indulging in any property related deal: 
 
False and unrealistic promises: Realty sector, considering its image as a cash cow, is a platform of great competition among developers. Thus in order to lure potential customers and turn them into buyers, developers have been indulging in unethical practices of great heights one of which is false promises. These largely fake or false advertising campaigns can easily scam any consumer who doesn’t do enough market survey himself.
 
Assurance of rental returns: As assuring as it may sound, it is one of the biggest issues that consumers face nowadays. Reportedly, there have been cases of developers publishing fake rental listings of various projects over the internet. It is important to conduct your own research and try to understand the true picture.
 
Duplication of Title Deeds: There have been some cases reported where scammers have allegedly sold disputed or vacant projects to potential naive buyers by duplicating the title deeds. One should , hence, conduct a thorough examination of property site before closing any deal.
Delaying the Projects: Absconding of developers or delay in getting possessions of your property are the most common issues in the realty sector. Not getting enough buyers is one of the causes of delays.
 
Deviation from approved plans: One of the most common problems that plagues this industry is stark differences between approved versus actual project implementation. Most of the times it is the buyer who is cheated as he/she has to compromise with several unfinished amenities.
 
Delayed approvals: Even though you may have got possession of your dear apartment, chances are you still haven’t got electricity or water connection in it. This happens because, in most of the cases, the housing complex plot is in unauthorised layout or sub-divided land, the building is constructed with land use violation, or there are floor area violations.
 
How to avoid getting scammed?
Fraudulent activities generally happen due to the sheer lack of awareness and knowledge of consumers. To avoid getting scammed and safeguarding your hard-earned money from getting looted, consumers must conduct a mini research of their own before spending even a penny on a property. Some of the other measures you may take are as follows:
 
Hiring a lawyer: Lawyers or as they generally say, legal eagles, are the best way to protect you from property scams. Discussing  all property-related matters with the lawyer will prove highly advantageous as they can spot any discrepancies and alert you immediately.
 
A background check of the developer: Conduct a quick social media research and find out if there is any unpleasing information of the developer. Doing a few searches on the internet can help you to conclude whether the developer is credible enough or not.