With growing population, demands for housing is increasing day by day. People are, often getting scammed in the name of real estate token. Here's a story of Sudhaanshu Chandra, who claims to be cheated by Gaursons Project Gaur Sports Wood Sec78 Noida, where his own pre-booked flat was sold to some other person in 2019. He claims to have booked the flat in 2014 and paid INR 60 Lakh till March 2016, only against the actual price INR 75Lakh. He claims to have all legal documents and he is fighting for his deserved justice.


Things you need to know before heading towards a property fraud:

1. The seller seems to be in a hurry. It may be claimed by the seller that he is forced to sell his property in a hurry, because of a personal emergency. However, for a buyer, the scope for errors is huge, if the deal is concluded in a hurry.

2. The property is listed on a cheap price. Even if the seller is desperate, he will not let go of his immovable asset at any throw away price. Real estate is not a commodity for anyone to lose its chances, of getting its true worth with the passage of time. Hence, deals at unbelievably low rates, must be examined cautiously.

3. The seller is hesitating to show the property documents. The property’s documents always serve as a proof to the owner’s rights over a real estate asset. Without examining these documents on your own and through a legal expert, you should not trust any claim regarding ownership of the property. A seller who is actually not genuine, would be evasive and unwilling to produce these documents.

4. The property is located in unregulated areas. Sometimes, buyers may be willing to consider the risk of buying a property in unregulated areas, because of low rates. This is a really a bad idea, as you will continue to live under the fear of losing the property title and the land maybe illegally occupied, which may lead to severe punishment.

5. Bank rejects the proposal of Loan. The advantage of applying for home loan, is that the bank carries out the due diligence about the legal and technical aspects of the property. If any issue is found, then it will result in home loan request being refused.

6. Demanding for huge amount of token money. The person may ask to transfer the money online, if the property is in a different state/region. Such sellers will focus to win trust in all ways and will try to get as much token money from the buyer, as possible.

7. The seller will impersonate as an NRI. This is another common way to dupe home buyers, using the power of attorney(PoA) to sell property. Here, the so-called representative of the non-resident Indian (NRI) seller would inform you that his client cannot be present during the property transaction, because he/she is unable to reach India.

8. Excuses on visiting and showing the site. A fraudulent seller may not allow you to visit the property at your convenience and only allow the same at their own comfort, impersonating as builder of the property. To ensure you are dealing with original sellers, make sure to do several visits to the property and get in touch with the neighbours and local authorities.

Worried about Real Estate payments? Check out how Vouch ensures a secure deal: 

Use Vouch to secure your payments and deal in real estate like a pro. Protect your token money and advances with Vouch app, while you evaluate your property. 


Vouch Protects You. 

Any error while dealing in real estate can have severe and long-term monetary repercussions. This is why inexperienced buyers should take utmost care while investing in real estate. 


Start Buying/Selling with Vouch Today. Make your dealing experience in real estate better with Vouch. Create trustworthy and long-term relationship with your buyer/seller. 


Why Vouch?

Secured Advances. The money can be paid through Vouch in advance. It is secured with Vouch till the deal is complete.

Easy Refunds. The token money or advances paid before the deal can be refunded easily if the deal is cancelled.

Safe Transactions. The money is secured with Vouch, this saves the investor from any kind of fraud and failure of returns from the seller.

-------------------------------------------------------------------------------- 

This is Fraud Story #16. Check back here for more fraud chronicles and frauds that you can protect yourself from.

-------------------------------------------------------------------------------- Note: This is a good-faith initiative to educate the world about how to avoid frauds like these. Do you have a fraud that you would like to report? Please write to us at letstalk@iamvouched.com