Investor's beware!! - Real Estate India - Property Discussion Forum

Bingo · 27-10-06

Investor's beware!!

Fraud and disputes are associated challenges with property and real estate. Real estate all over the world has been engulfed with these vices.

And in the Indian context, due to the flourishing of a largely unorganised real estate sector;and ignorance on the part of the investors regarding property laws, people are more prone to property disputes and frauds .

How aware are you of your property rights? If you got cheated in property transactions, here's the place to raise the issue.

Pinnacle · 05-11-06

Till such time that the regulatory authority for Real Estate is in place, the only remedy for the consumer is to be aware and beware

It pays to be prudent and be very diligent while entering into a realty deal. Having a professional lawyer or solicitor on your side is helpful in protecting your interest. Buyers usually dont engage the services of a professional while buying, to cut costs. But that is a classic case of being penny wise and pound foolish. Even if things very simple and apparently crystal clear in realty deals, the fact is that in India, realty purchases are one of the most techincally complicated deals. So it would be wise to read all the documents before you sign the fine print

nifty001 · 16-06-10

big or small ...

its our destiny as consumer to be kiked and bruised... be it big or by small ... small developer does that because he has nothing to loose and big does that because he is too big to be impacted ....

dlf these days is revamping its sourcing side giving ads in newspaper seeking for cement etc suppliers, am surprised they are wanting to clear off and start building projects all of them together after using investor money for more than 2-3 years now on properties launched then ...

ITS OUR RIGHT TO HAVE REGULATORY BODY TO MONITOR AND CONTROL THESE DEVELOPERS ...

CANT WE FILE A PIL IN SC SEEKING DIRECTIONS TO GOVT TO MAKE ONE FUNCTIONAL SOON...

COMMENTS APPRECIATED...

andleep · 23-06-10

Sweet Home is a dream of every human being and that they spend their hard earned income or savings of lifetime in purchasing home or land for constructing their dream home. Some people investment in property as, they find it one of the safest and lucrative options of investment. Now day’s we listen about spate of property frauds and property disputes. There are some unscrupulous elements in our society who want to take undue advantage by exploiting our sentiments, these land syndicate fabricate false documents and conceal real facts about the property and sell it to innocent persons who are not well aware with the real estate transactions. Following are the few instances of Real Estate Property Frauds:-

Selling a disputed property i.e., a property which is subjected to any legal litigation.
Selling a property to more than one person.
Selling a non existing property.
Selling a land which is subject matter of a Bank Loan or any charge from a bank or a financial institution is created over that property therefore the property is not free from encumbrances and does not have a clear or marketable title.
Selling a property which is notified or acquired by the Government under the Land Acquisition Act as a result of which any such transaction becomes null and void after such notification.
Selling a Land belonging to a person from Schedule Castes or Schedule Tribes. StateLand Laws bars such transaction.

There are instances where people purchased a house which was having electricity or municipal dues. In such cases the subsequent owner has to clear the dues of his predecessor.
Therefore investment in Real Estate requires great circumspection and detailed investigation.
So if you are going purchase any property it is highly advisable to have the Due diligence done. The due diligence involves following steps –
ü Registry Office Search (looking 7/12/30 year records)
ü Non Encumbrance Certificate
ü Obtaining Certified Copy of the Sale Deed
ü Electricity Dues
ü Municipal Dues (House Tax, Water Dues)
ü Residential/Commercial/Apartment Societies Dues
ü Development Authority Search
ü Court Search
ü Bank Loan Search
ü UrbanLand ceiling search
ü Land Acquisition search

If the report of the above due diligence exercise is positive than such property can be purchased without and hassle.

Andleep Tewari
91-9415088463
andleepgmail.com

svenkatesan · 07-07-10

Thanks Andleep.Great Info.

MANOJa · 3 Weeks Ago

Great thread. Good informative comments.

27-10-06	#1
Bingo New Member Join Date: Oct 2006 Posts: 27	Investor's beware!! Investor's beware!! Fraud and disputes are associated challenges with property and real estate. Real estate all over the world has been engulfed with these vices. And in the Indian context, due to the flourishing of a largely unorganised real estate sector;and ignorance on the part of the investors regarding property laws, people are more prone to property disputes and frauds . *How aware are you of your property rights? If you got cheated in property transactions, here's the place to raise the issue*.

05-11-06	#2
Pinnacle Full Member Join Date: Nov 2006 Location: Mumbai, India Posts: 282 My Mood:	Buyers Beware Till such time that the regulatory authority for Real Estate is in place, the only remedy for the consumer is to be aware and beware It pays to be prudent and be very diligent while entering into a realty deal. Having a professional lawyer or solicitor on your side is helpful in protecting your interest. Buyers usually dont engage the services of a professional while buying, to cut costs. But that is a classic case of being penny wise and pound foolish. Even if things very simple and apparently crystal clear in realty deals, the fact is that in India, realty purchases are one of the most techincally complicated deals. So it would be wise to read all the documents before you sign the fine print

16-06-10	#3
nifty001 SUSPENDED Join Date: Jun 2010 Posts: 210 My Mood:	big or small same story... big or small ... its our destiny as consumer to be kiked and bruised... be it big or by small ... small developer does that because he has nothing to loose and big does that because he is too big to be impacted .... dlf these days is revamping its sourcing side giving ads in newspaper seeking for cement etc suppliers, am surprised they are wanting to clear off and start building projects all of them together after using investor money for more than 2-3 years now on properties launched then ... ITS OUR RIGHT TO HAVE REGULATORY BODY TO MONITOR AND CONTROL THESE DEVELOPERS ... CANT WE FILE A PIL IN SC SEEKING DIRECTIONS TO GOVT TO MAKE ONE FUNCTIONAL SOON... COMMENTS APPRECIATED...

23-06-10	#4
andleep New Member Join Date: Jun 2010 Posts: 3	Preventing property Frauds Sweet Home is a dream of every human being and that they spend their hard earned income or savings of lifetime in purchasing home or land for constructing their dream home. Some people investment in property as, they find it one of the safest and lucrative options of investment. Now day’s we listen about spate of property frauds and property disputes. There are some unscrupulous elements in our society who want to take undue advantage by exploiting our sentiments, these land syndicate fabricate false documents and conceal real facts about the property and sell it to innocent persons who are not well aware with the real estate transactions. Following are the few instances of Real Estate Property Frauds:- Selling a disputed property i.e., a property which is subjected to any legal litigation. Selling a property to more than one person. Selling a non existing property. Selling a land which is subject matter of a Bank Loan or any charge from a bank or a financial institution is created over that property therefore the property is not free from encumbrances and does not have a clear or marketable title. Selling a property which is notified or acquired by the Government under the Land Acquisition Act as a result of which any such transaction becomes null and void after such notification. Selling a Land belonging to a person from Schedule Castes or Schedule Tribes. StateLand Laws bars such transaction. There are instances where people purchased a house which was having electricity or municipal dues. In such cases the subsequent owner has to clear the dues of his predecessor. Therefore investment in Real Estate requires great circumspection and detailed investigation. So if you are going purchase any property it is highly advisable to have the Due diligence done. The due diligence involves following steps – ü Registry Office Search (looking 7/12/30 year records) ü Non Encumbrance Certificate ü Obtaining Certified Copy of the Sale Deed ü Electricity Dues ü Municipal Dues (House Tax, Water Dues) ü Residential/Commercial/Apartment Societies Dues ü Development Authority Search ü Court Search ü Bank Loan Search ü UrbanLand ceiling search ü Land Acquisition search If the report of the above due diligence exercise is positive than such property can be purchased without and hassle. Andleep Tewari 91-9415088463 andleepgmail.com

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07-07-10	#5
svenkatesan New Member Join Date: Jul 2010 Posts: 1	Thanks Andleep.Great Info.

3 Weeks Ago	#6
MANOJa Full Member Join Date: Jul 2010 Location: Shimla Posts: 452 My Mood:	Great thread. Good informative comments.

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