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5 Broken Promises In The Real Estate Sector
2
min read
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In the construction industry, we hear false promises several times and get carried away by these. The broken promises of realtors leave us with a bad taste in the mouth. We need to remain alerted and knowledgeable, so that we may not get lured by wrong promises. Indian real estate industry is growing and so are the scams associated with it. Let find out the major false promises made by the developer to the buyer
1. Builders say don worry about your capital; it is in the safe hands. You can get the repayments anytime you wish
Generally, it is very difficult to get your money back from the property developer -whatever are the reasons for booking cancellation. In many times, it has been seen; the property developer also warns the buyer with dire consequences, even a court case also if he fails to pay the outstanding balance to him.
While making out any payment to the builder, it is necessary to make use of cheques. These serve as a proof of payment. Also, keep a photocopy of the home loan documents with you.
2. Is your builder saying e will change the agreement later
In case, if you are not comfortable with any property clause, get it changed with an immediate effect. Don rely on brokers because they hardly remain for months with you. Several times, builders deviate from their approved plans. These can be in the form of spaces, amenities, luxuries, parking area etc. Any necessary amendment should be written on the letterhead and approved by signatory authority. This should be followed in the case with home loan agreement also.
3. Title Frauds Several innocent buyers are today victims of title frauds, across the country. Brokers duplicate the title deeds and sell these to buyers. It is always wise to do a thorough check before making out an investment on real estate. Verify whether the legal title of the property is in builder name or not. The legal title proof the builder ownership in the property.
4. Have you been committed that the realty project would be finished much earlier as what has been mentioned in the agreement
We all know that there are huge piles of unsold inventories today. If we talk about Delhi/NCR, around 250,000 unsold inventories are available as per a report published by Knight Frank India. And most of the builders have been assuring their customers for months about the completion of the projects.
5. When the builder says, e are offering the flat at the lowest price
The builder will never speak about the price correction in the market. In Delhi/NCR, over the last 1 year, the sales of inventories have rallied up more than 50% but the price has gone up just 4%. Hardly any builder will tell there needs to be a price correction in the market.
Looking for buying a property Ensure to read these 11 tips
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निजी /सर्व शिक्षा अभियान के तहत कार्यरत शिक्षक - लाभ उठाये स्वराज होम लोन का
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.
