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Buying a property in India is exciting. It could be your dream home or a smart investment. But the real estate market isn’t always safe in India. It can also be a minefield with scams. Many cases have been noted with fraud in the market.
Fake documents can fool many buyers in India. Do you know about dubious builders? This is a serious concern for the Indian real estate market.
But the good news? The right knowledge can protect you. Smart precautions can help you make confident decisions. In this guide, we’ll talk about the common real estate frauds in India. This is for you to understand how to verify property ownership in India.
Read more: How To Avoid Real Estate Frauds While Buying Property In IndiaAbout 124,947 complaints were resolved as of July 1, 2024. Many state/UT‑level regulatory authorities have resolved them.
Source: ETReality
116,300 home‑buyer cases are disposed of by late 2023. This has happened since RERA’s inception.
Source: The Economic Times
India’s digital fraud incidents have increased. This has been noted by a scam reporting data from 2024. 36.37 lakh financial fraud incidents were reported. The total losses were about ₹22,845.73 crore.
Source: The Times Of India
The typical fraudulent practices include:
Source: ADX Corp
Real estate fraud is very common in India. Buyers need to understand them to stay safe. Here are some of the most common types:
This is when someone sells a property with fake ownership documents.
This is a common scam where one property is sold to many buyers.
This is a common fraud with these things:
These includes misrepresentation of:
This is when buyers are asked to transfer money to personal accounts. Payments to these unverified channels are fraud.
There are many ways of avoiding fraud in real estate. Verifying property ownership is the biggest way. You must check the documentation before buying in India.
You must verify the ownership history of the property in India. Make sure it is actually in the seller’s name.
This confirms that the property is free of:
Make sure it reflects the terms of the transaction. It must be properly stamped.
You must check if the product is registered under RERA. This provides legal protection to buyers.
Confirm the approvals of building plans in India. The land use permissions are also important. The local authorities can check the occupancy certificates.
Always ask for original documents in the real estate market. Cross check government records always. Many states in India have online portals for land verification.
Check the Real Estate Act 2016. This was introduced to protect homebuyers in the real estate market. Here’s how it helps:
Mandatory Registration:
Builders must register projects with RERA in India. This is to be done before marketing the property. Units can’t be sold without RERA.
Project Transparency:
Builders have to disclose these project details:
Grievance Redressal:
Homeowners can file a complaint with the state RERA authority. This is when a builder doesn’t deliver.
Timely Delivery:
Developers have to complete the project in time. The project must be handed over on time as well.
RERA also provides a legal framework. This works against the fraud risks for buyers.
Fraud in the real estate market is common in India. Buyers must understand the fraud to stay safe. RERA helps homebuyers stay safe in the market.
A – These are the most common:
A – Verify the property through these:
A – Yes, RERA ensures:
Q – Here are some of those documents:
A – You can report real estate fraud with RERA.
A – Fraud builders can face:
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