November 17, 2014

Real Estate Scams

Ahmedabad – the former capital of the western Indian state of Gujarat and the ‘Manchester of India' is one amongst the many new-era cities. This city has the vibrancy of creating spirited life, redefining the city life. It has featured in Forbes Magazine's list of The World's Fastest-Growing Cities, which is destined to prosper and grow-up during the present era of urbanization. With the rising hub of education, IT, and scientific institutions and industries, Ahmadabad presides as the cultural and business heart of Gujarat.


The city has smart architectural expansion and delivers advanced quality of life, compared to other cities. People, particularly the foreign investors, contemplate Ahmedabad as a peaceful town and wish to make their presence, by investing in properties. Several nuclear and young builders are bringing artistic ideas for the extension of the realty sector in Ahmedabad, particularly the budgeted 2BHK housing class. The versatile FDI policies of the govt. conjointly contribute towards a rise in overall investment in this explicit sector. It is proved that, Real Estate in India is touching new heights every day.

Owing to this incredible growth potential, the real estate state affairs are extremely spectacular in Ahmadabad, particularly in case of budgeted properties like 2BHK flats. With the booming economy, leading consulting firms of Asian countries have started operating in this progressive town to fulfill the ever-changing desires of the monetary, legal, public and personal sectors. With their in-depth information, they supply effective steerage for investments in conjunction with additional services like correct marketing research, surveys and sales stats. After all, Ahmedabad city is the best platform for real estate/builders.  Alas, few greedy builders have corrupted this sector in Ahmedabad as evident from various reports appearing in newspapers regularly. Many cases are filed against them, because of such scams.

Recently, the owner of the Shukan Building Group was arrested in multi-core cheating case. They cheated investors in building schemes also took loans from bank for building flats and sold it to customers without paying off the bank loan debts. From the sources, it was clear that the builders took a vast amount of money from the market for various construction projects, but could not pay it back in time though the building group had received payments from the investors. 
Apart from this, still there are many prestigious real estate companies in India, who had maintained the repo of real estate industry. Yet, the conception in definite terms offers a comfort level to the investors, however at a similar time, the investor must be terribly careful whereas investing and may keep the subsequent cautions in mind:

Ensure the Facts Before Investing:

About the Builder:

1)    Builder ought to have a smart track record.
2)    The property offered must have all requisite sanctions, License and permissions from the competent authorities.
3)    The property must be free from all reasonable claims, mortgages and encumbrance.
4)    The building during which property is obtainable has all the specified completion & occupation certificates.
5)    If needed, accurate search report ought to be obtained from an expert.

About the Individual Seller:

Besides, afore mentioned points just in case of a personal seller the subsequent points should be considered:

1)    That property isn't beneath any family disputes.
2)    That there might not be any Third-Party claim.

3)    That there might not be any Silent Agreement.

4)    That the vendor/seller within the past has not accomplished any POA (Power of attorney).

5)    That’s just in case of POA dealings the first owner must be alive.

As stated above, please make sure that, the dealing must be performed through reliable/reputed brokers and with the consent of legal consultants.

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