February 15,2016 Leave a comment
The number of victims real estate market is churning each year is staggering. Chennai Police’s Central Crime Branch (CCB) now has a separate Bank Fraud wing to address housing frauds. Banks have lost over Rs 8000 cr in just three years most of which are a result of forgeries in real estate transactions. Today, you can’t be sure if the property you are buying really belongs to the person who is selling it, if the documents are original or forged, if the broker can be trusted or not and so on. We have prepared a list of things that goes around in this world that makes us weep for the innocent unassuming people, who are about to trust their lifelong earnings into the hands of the devils on the run. Take a read at each article. They are gathered from different sources from people with real experiences.
You found a property online, met the seller, negotiated and bought a land. But, its been a couple of years since you last visited the land. You wanted to go there and see for yourself that everything is okay. To your shock, someone else has begun construction in your land and when you inquire, they produce the documents to prove ownership of it. It so happened that the person who sold it to you forged documents impersonating the original owner and made quick bucks before he vanished. Strange. But, a serious possibility.
A broker you trust is calling you. He has an opportunity for you to cash in – a big chunk of land on which a prominent IT park is functioning is for sale. The opportunity is only passed to a handful and you are one of them. You are excited. When you hear the rest of the details, you are shocked. The property in sale is your own! Even the encumbrance certificate reflects different owners. Read this and be shocked!
A nice apartment complex is being built and you heard about the amenities and attractive pricing on radio as you were driving to work. You further inquired and found out other details. You really like the place and you bought the apartment. A few months later, you are told that the whole apartment complex is built on a land that doesn’t belong to the builder and he wants the whole building destroyed!. This too happens.
You bought a cool 3 bedroom apartment and made your home in it. Everything about the apartment is perfect and you love your life there. Just when things look picture perfect, someone knocks at your door to claim ownership of your apartment. You are a victim of a scam. The developer who sold you the apartment had sold the same apartment to another party who are at the doors.
You trust a broker who has helped you in one random occasion renting out a property. He comes to you with a great deal. An underselling property which will sell for twice the price in less than one year. He has all the proof and even has a bank representative to support his claim. Stars seems to have alligned for you.. wait, have they really?.
You are very diligent with payments and banks. You have paid up every loan. You just want a peaceful life in a place you love the most but strange things begin to happen. Court sends you an eviction notice ordering you to pay a crore to the bank or to empty your house in 30 days! You are clueless because you don’t owe anyone anything. You are a victim.
Note – Share this to people you genuinely care about. No one, you love, deserves to be in wrong hands.
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