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Real estate is alluring as well as enticing, but one need to be careful while investing in the property market of Delhi. Nothing is better than a rational decision to avoid future nuances.
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Property Dispute Lawyer on Real Estate Frauds in Delhi Contact:- Mr. Kislay Pandey Tell-91 11 3044 64 89
Real estate is always governed by hopes, fluctuations and fears, but for last few years this sector has become infamous for property related frauds and Delhi is among top cities where the list of such cases is getting bigger and larger. As per the latest report presented by National Crime Records Bureau (NCRB), the capital city tops in the list of cases related to property fraud and misappropriation among all states and union territories of the India.
In the year 2013, the total number of such cases reported in sections of property lost under criminal breach of trust and cheating were 181. This figure is far ahead of other big cities. Among the total 181 cases, 173 were of cheating and rest(8) were of criminal breach of trust. According to Mr. Kislay Pandey - Property Dispute Lawyer, the Supreme Court of India," These days, real estate is one of the best investment option, but it is equally true, that lack of strict regulations and entry barriers are encouraging wrongdoers in making frauds. Now, it is the responsibility of buyers and investors to verify the builder's credentials and inquire about the past project they have completed."
Yes, getting the thorough details of the past projects of developers is the easiest way to secure oneself from their fraudulent practices. To get the right information you need to invest some of your precious time, but its benefits are significant in protecting one's hard earned money. Moreover, it is better to approach a listed or reputed builder rather than dealing with the novice, not-known or small builders. Due to limited liabilities, a small level builder can easily close a project and shift to other locations. According to Mr. Kislay Pandey - Property Dispute Lawyer, the Supreme Court of India," reputed and listed companies are bound to long term goals and their small mistakes can leave their business in big lurch, that is why they are liable to comply government made rules and regulations."
Some precautions from the buyers' side can save their valuable money and time. He/she can have a detailed look of the agreement, the title of the property must be clear and marketable.. In addition, it will be good for the buyer to search the title report of other projects by the same builder, it is also advisable to ask for the building completion certificates of those projects. The sale agreement must contains municipal-approved plan, price of the property including the proportionate price of common areas and facilities.
