Beware Of Fraud Property Advertisements
Excellent and affordable opportunity to invest!
When this kind of a news flash runs, it is difficult to resist temptation. Amal and Jyoti Kharbanda are no different and when they heard of such an investment opportunity near Bhiwadi, they were quick to respond.
“An advertisement on TV on a local news channel flashed this wonderful investment opportunity. The particular property was close to a proposed Metro station and was seemingly a corporation approved land.” The deal was for a 2BHK unit for Rs 15 lakh, and to make a confirmation, a booking amount of Rs 50,000 had to be made immediately. A week after paying the booking amount, the couple reached Bhiwadi, and were shocked to find out that there was no property on the said location. The land was caught in some dispute. The Kharbandas lost Rs 50,000.
No EMI's till possession, assured rental till possession buy back guarantees.
Does it sound too good to be true? If you aren't too sure, it's a clear sign that you may walk into trouble.
“I learnt that the hard way. I bought two plotted developments on a big discount. In fact, the seller took 10 days to tell us about the property and accepted the cash only after a month. The land was under litigation and this seller was just looking out for a way to lay his hands on some easy money. Even the papers were fake. But because he trusted us with the property even before he accepted the payment, we felt he is trustworthy,” says Mahesh Chand, an automobile engineer based out of Chennai. How did Chand get to know about this property? Through some flyers that the vendors were circulating.
Property markets are not alone. In 2012, about 48 TV channels were issued warning letters by the Thane unit of the Food and Drugs Administration for circulating misleading advertisements. This goes on to prove how most fraudsters find a popular medium to trap vulnerable people.
In May 2016, the Pune Police Crime Branch nabbed a man, who was posting fake ads on the internet and had managed to lure many prospective buyers. He would show around the property, manage to extract a sizeable booking amount and flee. According to the National Crime Records Bureau (NCRB) , in 2014, national capital Delhi topped in a list that we are not proud of. These were cases related to fraud and misappropriation.
Numerous instances such as these have now surfaced. Potential buyers who are keen on discounted prices often become the victims.
Watch out for the following:
While transactions and deals are closing online on most web portals these days, you never know where your money is being diverted to or who you are dealing with. Use these advertisements to research further and invest only when you are sure about it.
Also read
Property Fraud: Know The Ways In Which You May Be Cheated