WARNING: This post will offend the few 'ethical' bankers, brokers, etc. that exist... apologies in advance.


A. Bankers

    1. Will push subvention schemes to you. They get a huge cut running into lacs from the builder and you get guaranteed delayed construction.
    2. Will push fixed-rate loans when interest rates are high and RBI is likely to cut rates (e.g. current scenario) and vice versa. Don't get trapped.


    B. Brokers ...this is a huge list

      1. Will not stop at their 1-2 percentage commission from buyer/seller etc. Will actively discourage direct contact between parties and try to extract a differential between ask and bid prices often running into lacs.
      2. Will pay you 'bayana' using a fake 'buyer' friends of theirs and get a worthless sales agreement signed with 3-4 months payment period. They will then try to find a 'murga' / actual buyer and pocket the differential. Verify the buyer, put penalty clauses, and limit the payment period to 30-40 days.
      3. Will push whichever builder project pays highest commission regardless of your needs. Read IREF with a fistful of salt everyday before you purchase anything.
      4. Will make false promises of pie-in-the-sky developments (e.g. Metro) that will take decades to materialize by pointing out news clippings etc. Don't rely on worthless paid-articles especially in TOI and HT.
      5. Will try to fool you into buying upper floors for new launches by claiming the project is 'sold-out'. In 99% of cases this is false... talk to multiple brokers, also direct to builder, etc. When you put your chequebook on the table and act pricey, these units will magically appear. Be confident!
      6. ...to be continued


      C. Builders ...yet another huge list

        1. Will launch project after project to roll over advances from one to fund the other ones. Avoid DP plans like the plague and don't get lured by discounts.
        2. Will try to push pathetic CLP plans where bulk of payment is gone before half of construction. Always remember that a 'good' CLP plan is a sure-shot sign of that rare breed viz. decent builder who will likely give you your house of dreams in reasonable timeframe and with reasonable quality. Seek these out and if necessary, pay premium for these sort of projects.
        3. Will make arithmetic 'mistakes' in their demand letters. Double-check these and then get your spouse / parent to triple-check before paying a penny.
        4. Will actively hide negatives of projects (e.g. disputed land, HT lines, ganda nalla). Forums like IREF can really help in this case since brokers will also not be much help.
        5. ...to be continued


        D. People on IREF

          1. Will sometimes (thankfully not always) post to mislead you for their own purposes. Use valuable forums like these, but don't follow advice blindly. Always be skeptical, get multiple opinions, and think for yourself.


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  • CommentQuote
  • True information. Unfortunately, a reasonable chunk of the posts on these forums reek of manipulation. Sorry to be blunt, but those who are genuine know who they are :)
    CommentQuote
  • This Should be a Sticky.
    CommentQuote
  • Vested interests in Noida RE & related IREF forums - Must Read for RE Newbies !!!

    (Thread First Post Continued...)

    A. Banks
    ...

      3. Will pressurize you to give full loan application amount upfront i.e. before approval. In case there is a problem with paperwork, you'll be left chasing them instead of the other way around. Always hold back part payment until the loan is fully sanctioned.
      4. Will surreptitously increase your loan tenure instead of EMI amount when interest rates increase thus adding to your total interest outflow. Always read even the blandest of bank letters carefully and try to stretch to top-up EMI's instead of loan tenure.


      B. Brokers
      ...

        6. Will pressurize you to take something called 'credit-notes' instead of a direct discount from builder on booking. This is a pseudo-promise and most brokers will vanish with cell-phone switched off etc. when you go chasing them for the 'credit-note'. Always insist on direct / cash discounts.
        7. Will often form cartels e.g. Greater Noida region for plots or Indirapuram/Noida region for specific projects and mislead you based on if you're a buyer (its always boom-time) or seller (its always recession-time). Always do 'price-discovery' by using a friend / relative to first pose as the opposite i.e buyer if you're selling etc. - to find out actual price ranges in the market before you start negotiations.
        8. ...to be continued


        C. Builders
        ...

          5. Will often give you fake carpet-area (actual livable space) versus super-area calculations and ratios. At the very least, do your own calculations based on the flat layouts. This is unfortunately still imperfect since even the published layouts can be misleading (e.g. including wall thickness etc) but it's better than relying blindly on what the builder talls you.
          6. Will always show you glitzy brochures with proposed amenities (club, pool, etc) without disclosing club-size, pool-length, number of tennis courts etc. Always calculate the ratio of potential residents to common facilities and compare with existing RTM projects in the region to get an idea of how much premium that project is worth.
          7. Will often construct floor after floor to lure newer buyers for that and other projects of the same builder. One common way to find out the real 'niyat' of the builder is to check if brick-work is happening in parallel with laying of slabs (or is at worst 2-3 floors behind). This is a rough guide that you will get possession instead of an empty 'dhancha' and extended delays in project completion (plumbing, electrical work, actual delivery etc.) after 95% of your CLP is in the builders pocket.
          8. ...to be continued


          BTW, I've requested this thread to be made into a sticky but IGRM doesn't seem interested... request other members to write to IGRM directly.

          Sadly, there are so many ways Bankers/Brokers/Builders scam buyers I doubt if I'll ever run out of points to update :-|


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    CommentQuote
  • A must read item. Thank you dear Varshar
    CommentQuote
  • Originally Posted by varshar
    (Thread First Post Continued...)

    A. Banks
    ...

      3. Will pressurize you to give full loan application amount upfront i.e. before approval. In case there is a problem with paperwork, you'll be left chasing them instead of the other way around. Always hold back part payment until the loan is fully sanctioned.
      4. Will surreptitously increase your loan tenure instead of EMI amount when interest rates increase thus adding to your total interest outflow. Always read even the blandest of bank letters carefully and try to stretch to top-up EMI's instead of loan tenure.


      B. Brokers
      ...

        6. Will pressurize you to take something called 'credit-notes' instead of a direct discount from builder on booking. This is a pseudo-promise and most brokers will vanish with cell-phone switched off etc. when you go chasing them for the 'credit-note'. Always insist on direct / cash discounts.
        7. Will often form cartels e.g. Greater Noida region for plots or Indirapuram/Noida region for specific projects and mislead you based on if you're a buyer (its always boom-time) or seller (its always recession-time). Always do 'price-discovery' by using a friend / relative to first pose as the opposite i.e buyer if you're selling etc. - to find out actual price ranges in the market before you start negotiations.
        8. ...to be continued


        C. Builders
        ...

          5. Will often give you fake carpet-area (actual livable space) versus super-area calculations and ratios. At the very least, do your own calculations based on the flat layouts. This is unfortunately still imperfect since even the published layouts can be misleading (e.g. including wall thickness etc) but it's better than relying blindly on what the builder talls you.
          6. Will always show you glitzy brochures with proposed amenities (club, pool, etc) without disclosing club-size, pool-length, number of tennis courts etc. Always calculate the ratio of potential residents to common facilities and compare with existing RTM projects in the region to get an idea of how much premium that project is worth.
          7. Will often construct floor after floor to lure newer buyers for that and other projects of the same builder. One common way to find out the real 'niyat' of the builder is to check if brick-work is happening in parallel with laying of slabs (or is at worst 2-3 floors behind). This is a rough guide that you will get possession instead of an empty 'dhancha' and extended delays in project completion (plumbing, electrical work, actual delivery etc.) after 95% of your CLP is in the builders pocket.
          8. ...to be continued


          BTW, I've requested this thread to be made into a sticky but IGRM doesn't seem interested. In fact as of yesterday even the 'view' count of this thread wasn't moving... at least that seems to be fixed now.

          Request other members to write to IGRM directly.

          Sadly, there are so many ways Bankers/Brokers/Builders scam buyers I doubt if I'll ever run out of points to update :-|


          -v



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.



          B.Brokers

          - They inject into you a sense of urgency and put the scare of your life into you. It is now or never. They make you think that unless you buy a property now, your family will continue renting houses for life.

          - They con you into believe that 'it is easy money'. Buy now and sell at 50% profit in an year. They make selling a property like selling some fast food ( despite thy themselves are unable to sell properties for years on).

          - All brokers are liars. There is no exception.
    CommentQuote
  • Banks:
    1. Try to extract more using --> Property insurance
    2. Loanassurance...
    CommentQuote
  • you guys are saying nothing new here... everybody knows about it. And few are clapping/thanking as they got the problem actually and will be aware in future. Thats the problem with US, that we alway see the problem and never seek the solution. These kind of information are posting in this forum from time to time for many years but did it stopped any person/investor to buy a flat from these frauds?
    Tell me one builder/broker/project/bank which does not fall into catagories you have stated above.
    Pepole like me are aam janta... who just want to live in this miser world and we also fall in one catagory... "marta kya na karta". Nothing is going to change by putting your comments/information here.

    If you really want to get people aware about the issues then speak honestly. Name the culprit and I mean actually point out them with their names/address and problem you faced with them and then asked for that thread to promoted/sticky so that everyone come to know about this. People should know these frauds by their names. Creating a general awareness thread will not solve the problem.
    CommentQuote
  • If you give a name public you start public fight i think..he he he then enjoy free cinema on iref forum
    CommentQuote
  • Originally Posted by xperience
    you guys are saying nothing new here... everybody knows about it. And few are clapping/thanking as they got the problem actually and will be aware in future. Thats the problem with US, that we alway see the problem and never seek the solution. These kind of information are posting in this forum from time to time for many years but did it stopped any person/investor to buy a flat from these frauds?
    Tell me one builder/broker/project/bank which does not fall into catagories you have stated above.
    Pepole like me are aam janta... who just want to live in this miser world and we also fall in one catagory... "marta kya na karta". Nothing is going to change by putting your comments/information here.

    If you really want to get people aware about the issues then speak honestly. Name the culprit and I mean actually point out them with their names/address and problem you faced with them and then asked for that thread to promoted/sticky so that everyone come to know about this. People should know these frauds by their names. Creating a general awareness thread will not solve the problem.


    Saabji, this is not some 'sach ka saamna show' on star TV. This is a reality. We share experiences so that others may be benefited. There is no point in accusing , naming some one. It does not add any value to the discussion either.

    What is important however is by voicing one's opinion, one finds support or retort to the argument thereby correct, strengthen oneself along the way.

    Solutions are not instantaneous. They will take a very long time. Decades may be. But it is important that like minded people got together.
    CommentQuote
  • again you are leaving the matter on time... that time will correct everything. Time does not have sense it only has velocity. And I doubt that there will be another Gandhi in this country to make a revolt. Someone in the thread above said that be careful with the bank's term and conditions documents. My friend if you are awaring the others about this problem then point out the actual problem. Point out the person causing this problem. One Bank's T&C can not vary person to person. They will be same for each person. So if you find something odd then point it out and let other know about it.

    The experience you are sharing are so common that everyone has it. Whether he is a ricksaw puller or a professional in a multi billion company.

    Just answer this simple question... you were going to make a deal with some builder/broker and you have read about some serious problem with that builder/broker in this forum, won't you clarify the same from him? or ask for others for confirmation/clarification?.... you certainely had..... because this time you had some idea about the problem and it's cause.

    If you are so afraid of facing/speaking the truth then please don't even spread these general awarness which are just a fraction of truth. Your general experience will not benefit anybody. Because everybody knows "smoking kills".... still people smoke....
    CommentQuote
  • I have experienced over many years that Buyers actually spend more time researching and doing extensive ground research when Buying a Car...rather than when buying a property

    If the Hunted wants to serve itself on a platter to the hunter...who is to be blamed

    100s of Buyers visit brokers and ask them....''I have 50 lakh budget...I am NRI...MNC exec, etc etc..I want to invest in Noida as my friend suggested me....Kahaan Karun???''

    Even the worst brokers are doing good business....just shows you...how the buyer is !!!!!!

    Even the worst Builders are selling their projects.....why???

    Its because people have a short term memory....even though they can see many stalled, incomplete or poor quality projects of same builder.....they simply forget about it....as they are offered ''Free parking''....''Rs.100 psf discount'', etc etc
    CommentQuote
  • This thread is an example of useful information rather than general awareness.
    https://www.indianrealestateforum.com/forum/other-forums/legal-vastu-home-loans/home-loans-in-india/27736-important-information-for-hdfc-teaser-loan?t=29704

    These kind of thread and information should be promoted/highlited in this forum which can be useful to anybody. And thats what I expect from IREF.
    CommentQuote
  • (Thread Posts Continued...)

    A. Banks
    ...
    CommentQuote
  • Originally Posted by xperience
    you guys are saying nothing new here... everybody knows about it. And few are clapping/thanking as they got the problem actually and will be aware in future. Thats the problem with US, that we alway see the problem and never seek the solution. These kind of information are posting in this forum from time to time for many years but did it stopped any person/investor to buy a flat from these frauds?
    Tell me one builder/broker/project/bank which does not fall into catagories you have stated above.
    Pepole like me are aam janta... who just want to live in this miser world and we also fall in one catagory... "marta kya na karta". Nothing is going to change by putting your comments/information here.

    If you really want to get people aware about the issues then speak honestly. Name the culprit and I mean actually point out them with their names/address and problem you faced with them and then asked for that thread to promoted/sticky so that everyone come to know about this. People should know these frauds by their names. Creating a general awareness thread will not solve the problem.


    Bro, I do understand your feeling and I do appreciate your views.

    But, you failed to understand the purpose of this thread. Let me explain.

    All the builders/brokers, in that matter most of the people on the street are out to cheat someone, oneway or the other. No second thought about that.

    How do you survive?

    You LEARN their tricks and then avoid those tricks.

    The purpose of this thread is to educate new members and experienced alike to know about the common tricks. ... so that atleast few can avoid those nasty events.

    Regarding fighting corruptions ... everyone is not Sunny Deol or Arnold in Commando!!
    CommentQuote