It is in the interests of a user to exercise his/her best judgment to assess properties’ and owners’ authenticity. The claims being made may or may not be correct, a user is therefore advised to independently verify the authenticity of the claims being made. To this end, we have compiled a checklist which may help a user avoid deceit. We recommend that all our users MUST go through the checklist (mentioned below) prior to purchasing or renting a house.
For a Buyer/Investor
- The buyer should conduct checks and establish authenticity of any property, or project, its title, built up area, suitability for buying in a form and manner deemed appropriate at his or her cost.
- Gn Real Tech being an advertising medium does not and can not vouch for authenticity of content on its site. A lot of content is uploaded by the advertiser and we do not filter or verify the same. If a complaint is made, we will take remedial measures.
- Certain points to bear in mind:
- Conduct a comprehensive check of ownership to verify developer’s/owners’ credentials.
- Visit the project site/property personally, to ensure that the broker’s or developer’s claim is genuine and that the property is not an ‘imaginary’ one.
- Opt for a builder with good track record, checking the past record of the promoters may be helpful.
- Beware of false title documents. Loans may have been secured against properties that may be disputed or have remained vacant for long.
- It is always advisable that proper due diligence on the property is conducted prior to entering into a transaction related to a real estate.
- Keep in mind that open areas – lobby, park, terrace, pool, gymnasium, and lift/elevator – are not a part of Floor Space Index (FSI) or Floor Area Ratio (FAR).
- The Real Estate (Regulation and Development) Act 2016 and its related provisions and their applicability to the project.
For a Tenant
Certain points to bear in mind:
A- Visit the accommodation/property and meet the landlord.
B- Check all the rooms, including the kitchen and bath area for plumbing problems, such as fixture leaks and seepages, clogged drains and pipelines.
C- Find out about the security deposit in a particular area before making the payment. Unscrupulous individuals may ask for unjustified amounts of money.
D- Ascertain access, safety and security.
How to Avoid Real Estate Fraud
- Do not wire money to a ‘supposed landlord/owner’ you have not met personally.
- In case a broker is showing you the property, make sure that you meet the owner or have a web session with him.
- Do not handover any part of the consideration/rent to the broker.
- Be wary of disputed land titles.
- Be suspicious of realty investments promising high returns (due to infra development) with little/no risk.
- Visit the property personally to check the interior and exterior condition; conduct due diligence.
- Opt for properties that have at least 3-4 clear photos of bedrooms, bath and kitchen area.
- Familiarise yourself with the neighbourhood, before moving in.
- Talk to some neighbours and make sure that the one who is showing you the property is the actual owner.