6 Tips to Avoid Fraud Property Deal?

The real estate business is on the soar again with the key player’s investment. It is the perfect time topurchase a property in upcoming areas. Properties are the most profitable possessions people own; but at the same time one must be cautious about the fraud property deals. It is very imperative to make crucial choices of the property you are purchasing and the person you are buying the property from. There are a few approaches to evade fraud property deals and get a head efficiently with real estate business.

Research and analyze the market trends: If you are not aware of the real estate market, then it is best to do an extensive study and research on real estate trends. Make sure that the locality offers top line advancement as well as growth opportunities in the future. Moreover, it is better to approach Personal Financial Mentor; he can help you to take decisions based on market trends and can help you make lucrative investments.

Consult a reputed real estate agent: One of the best ways to avoid these property scams is to consult a reputed and well experienced real estate agent/ organizations. Take a feedback from users who have already been serviced by the real estate agent. You can pick up huge benefits by working with a reliable real estate agent and they are well proficient in getting you the best deal for all the properties you are planning to invest.

Personally inspect the property and get property appraisal: Before you purchase a property better to inspect personally and make sure that the property is free from legal issues. Keep in mind that the property should not be in agricultural land or a forest area. Employ a home inspector or approach a property valuation agency which can help you in the task.

Examine the property title deed and related documents: Careful examination of related documents and title deed is required to evade fraud property deal. It should be free from claims, encumbrances and mortgages. All the related documents should be transparent and genuine.

Appoint a legal consultant: Hiring a trusted and experienced lawyer can assist you in property matters and can also verify the documents legally. It will keep you away from phony and illegal dealings.

Maintain a comfort level with your real estate agent: Good professional agents will guide you and assist you in all the aspects until you close the deal. It will be better if you maintain a comfort level with your real estate agent. The comfort level by itself does not assure you a fraud free property deal; it helps you to have a reliable and supportive realtor. By SiliconIndia  

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Amway MD: ARRESTED!

It has shattered image of Amway, in the eyes of all those consumers who believed in its trustworthiness for long. William S Pinckney, Managing Director and chief executive officer of Amway India, the direct selling company for various consumer products, arrested by the Andhra Pradesh police at Gurgaon. The police said charges had been filed against Pinckney under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. This was the second time Pinckney has been arrested in this country. The Kerala police arrested him last year on similar charges.

Amway India stated it was “aggrieved and shocked at the sudden and unwarranted act of detention”. “The case against which the action has been taken was filed in December 2013. The company had no prior information on the same. The allegations mentioned in the FIR (First Information Report) are frivolous and gives a misleading impression about our business,” it stated on Tuesday.

According to Amway, due to the lack of a legal framework for the direct selling sector, any case filed is being misinterpreted and booked under the 1978 law, which is meant to regulate financial schemes. The direct selling industry had been repeatedly seeking an amendment to the above law.

The Federation of Indian Chambers of Commerce and Industry (Ficci) and the Indian Direct Selling Association (IDSA) have condemned the arrest.

“This move has been initiated by a consumer complaint and could have been easily addressed, since there was no criminality involved,” Ficci general secretary, Didar Singh, stated. (Courtesy: Business Standard)

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Khosla ka Ghosla: Still reflecting the plight of today’s consumers

Way back in 2006 with the release of ‘Khosla ka Ghosla’, Dibakar Banerjee touched the issue of ‘Real Estate fraud’ which was never screened like this before. Written by Jaideep Sahni of ‘Chak de’ fame the movie was a big success and has transformed into a cult cinema.

The movie blatantly describes the suffering of today’s middle class man who is caught in the web of real estate fraud. It also elaborates in detail how helpless we are as consumers who are cheated by big corporate firms in our day to day lives, and we can hardly do anything to get justice on time.

Some of the scenes in the movie are so funny and real that you will instantly connect with them. Yes, it is the connectivity in the film with the common man that uplifts the plot of the film.

Right from an old aged middle class man’s (played by Anupam Kher) dream of owning a house, his interaction with family and friends, meeting with fraud real estate agents and the mafia is amazingly captured in detail. Moreover, the ‘Gandhian’ effort of Mr. Khosla to get back his property is most touching.

The movie has some of the best performances from Boman Irani( Real Estate Mafia), Praveen Dabas( Khosla’s son) and Ranveer Shourey ( who plays a lunatic elder son of Mr. Khosla).

Every time, we see this movie it teaches a lesson for us to become a smart, well informed consumer rather than getting swayed away and investing our hard earned money in fulfilling our property dreams. Though, we must believe that a wave of change is being witnessed in the real estate sector.

Recently the Allahabad High Court ordered to demolish Super tech’s two 40-storey towers in Noida for violation of building norms; this has opened a window of opportunity for helpless buyers. Similarly, the law took its due course in the Sahara scam where Subrata Roy had played with the hard money of around 3 crore consumers.

In addition to this, recent Land Acquisition Rehabilitation and Resettlement Act (LARR Act), and Real Estate Regulation Bill 2013 have played key roles for consumer rights in real estate sector.

If the law takes it course and judgement like these happen for the betterment of consumers along with proper regularisation, than poor Khosla’s dream of owning a house would come up without the struggle.

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