How To Stay Away From Real Estate Fraud

Real estate is one field that has a lot of options and ways to go about buying it. Being duped is something that is possible and many people have bought fraudulent projects and regretted later. Be sure not to be a part of such activities and be safe. Hard earned money is important and so loosing it may be a stupidity. This is why making an informed decision is not only advised, but also is the right thing to do. Here are a few tips for you to keep in mind, before you start investing in real estate.

Market Trends

Be fully aware of the current and past market trends. If you are new to the field of real estate, knowing what you are getting into is perhaps the most obvious thing to do. So go ahead read all you can and be aware of the things around you. This has been a factor that makes it possible for you to research well and in turn choose well. Be specific in the area you plan to invest in, the type of property that you are looking for and then buy what you seek. Here you can take professional help as well. This will help you assess the options in front of you.

Visit It

Make sure that you visit the site/project at least once, in case you live far. Many times buyers are sold property by fraud brokers or developers who may sell non existent or stale property. This will only result in wastage of your money. So make sure that you have an upper hand by visiting and making sure that the property you buy is actually what you are paying for. Plus this will help you in evaluating the various amenities and specifications promised by the builder. Also make sure that the property or builder is not stuck in any legal matters.

Professional Advice

There are plenty of brokers and investors who would be happy to help you. Consult experts in matters as important as these. You could go to any consultation firm or a lawyer who could advise you on the legalities of buying a house. It is very essential to know what you are getting into before getting into it.

Real Estate Agent Rapport

Having a good tuning with your real estate consultant will do no harm to you. Keep them informed about your preferences, budget and expectations. Making things clear from your end will help the agent to be of your help too. Plus this will help the both of you move towards a common goal. Ethical professional agents will guide you with perfection and make sure that you receive what you want. Having a trustworthy consultant might come in handy even in the future.

Read Between the Fine Lines

Before signing any documents, you should read properly about the documents that you will be presenting and the fine lines that have been asterisked. This perhaps the most important step and so you should make sure that you do not fall for any such practices. The documents should be free from mortgages and claims. Sign only genuine and legal documents.

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BUYERS AND DEVELOPERS OF NOIDA EXTENSION GET A MUCH NEEDED RELIEF

After years of high pressure and tension amongst the buyers and developers of Noida extension, the Supreme Court has upheld an earlier order by the Allahabad high Court on land acquisition in Greater Noida West region, wherein 10 percent of the developed was to be given to the farmers of the region along with additional compensation. As much as 64 percent of additional compensation will be given to farmers, i.e. from Rs. 850 per sq. yard to Rs. 1,400 per sq. yard along with 10 percent developed land.

With this move, there is no further obstruction left for construction purpose. The region of Greater Noida west was heavily under pressure which shifted its burden greatly on the real estate market. The demand over the years saw a dip in the region due to construction process being halted several occasions along with public unrests. With this decision, there is clarity and now this will help the buyers and builders immensely. Over 1.5 lakh buyers were affected for several years due to this issue being stretched and this resulted in delay in construction which gave way to possession delays. On the other hand, the developers will now have to stick to their timelines as clear directions are being laid. The step taken by the apex Court is pro-public and development centric which will allow a better growth in the region. Realty sector is overjoyed with this move and has welcomed this decision which was not only affecting the present customer base but future demand for the rapid emerging destination like Greater Noida West.

Welcoming the move, Mr. Prithvi Raj Kasana, MD, Morpheus Group said “Somewhere it is important that the apex body takes a firm step to make sure that all barriers and hindrances are removed from the path of development. This decision might sound against the farmers, but somewhere it is a pro development step which had to be taken sooner or later. The compensation amount is good, but now it will be interesting to see whether this hike is passed on or not”.

Mr. Mahipal Singh Raghav, CMD, MMR Group said “For a governing body, it is hard to satisfy everyone’s needs. Farmers are feeling left out and cheated, but this step is a crucial move to make sure development takes place without further halts and the compensation amount is now better than before. Because of this issue, already a lot of infrastructural decisions have delayed and thus, this decision was pretty much anticipated”.

Mr. Rupesh Gupta, Director, JM Housing said “This is great news for the buyers and developers of the region as already a lot of hurdles were faced by both due to delays caused over the years. A new problem might arise after few years as now the land will cost more; the burden of which might be passed on to the customers. But looking at the decreasing demand graph, developers will have to play a wait and watch game before taking any move”.

Mr. Deepak Kapoor, President CREDAI Western U.P. & Director, GulshanHomz said “Looking behind at the delays caused on land issue over the years, this is great news for the buyers as well as for the developers of the region. It’s very crucial to remove all the obstructions to boost the development of the region. Farmers may feel neglected but this step had to be taken either now or later for the economic development”.

Mr. Ashok Gupta, CMD, Ajnara India Ltd. said “Satisfying needs of buyers, developers and farmers is hard on a single go. Still, farmers are offered a good amount of compensation. As this move is for the betterment of our nation, it should be accepted by everyone and all the hurdles should be removed and this can only be done by the mutual understanding between all the parties”.

Mr. Naveen Goel, MD, Radhey Krishna Group said “Supreme Court’s decision on compensation clause is a well thought move which will benefit the development and growth. It might not be acceptable for farmers but logically in future the cost of land will definitely go up for which the burden might be passed on the customers. So,it’s better that land is acquired at present without delaying the process further”.

Mr. VikasBhasin, MD, Saya Homes said “This move is a win-win situation for all; buyers, developers and farmers also. Farmers are getting around 64 percent of compensation along with 10 percent developed land, which is a good move. Now the only question will remain whether the burden in future will be passed on to the customers and this region will become costlier or not”.

Ref - https://www.realtyfact.com/buyers-and-developers-of-noida-extension-get-a-much-needed-relief/

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