Are you aware of the tricks used by builders for selling a property?
We have been hearing people talk about their awaiting possession for their property since years. People even in metro cities are facing this delay in possession. After investing for long periods ranging from 3 to 6 years, customers do not get physical possession of their apartments till date. That is really shocking!
Some builders demand the entire payment in down payment schemes and some also demand the initial maintenance costs while the project is still in its completion phase. But they fail to provide the possession as per agreed timelines.
These builders are playing tricks to capture investors. They try to be fool investors who are investing in ready to move in homes or an under construction residential or commercial property in India. There are new tactics and innovative techniques which have been developed and sharpened over the years by builders. In Indian real estate market, the incidents of frauds are increasing and need to be curtailed at the earliest.
Here is a sample list of some common tricks used by builders to be fool customers.
Possession of the property
The builders play smartly and do not mention possession date in agreement. The cover letter of the allotment has the date that is the date of completion of the building. If the builder does not hand over possession of the project but no action can be taken against the builder in this case. The builders also try to make delays and when they are questioned for the delay they may further delay and harass the buyer. No penalty is charged for the builder and the agreement papers are tilted in their favor. So do not relax even if your construction status is confirmed. Visit the site of construction regularly and push the builder for possession.
Some builders try to show and present that 90% of their units (inventry) have already been sold and just 10% is left or they try to convince you by giving Diwali offers saying that it would end soon. The builders use these as marketing gimmicks to create a fake emergency. This is artificial scarcity, so do not make any decision in hurry. Take your time to think and verify and then take an informed decision. To get a real picture talk to different property agents about the available units and then finalize it.
Super Stylish Sample Flats
The builders try to spend a lot of money on brochures and sample flats to trap you as they know you fantasize about your dream home or commercial property. The show homes will attract you and you would imagine yourself living there lavishly. The builders try to be fool home buyers with these sample super stylish show areas. So take a wise decision and do a proper investigation. Visit the actual site to see the on ground As property construction status. Check everything that is important for you including neighbourhood, schools, hospitals, connectivity, markets etc.
You need not be an Impulse buyer but need to amply make sure that the project fulfils majority of your requirements. Indian real estate is complicated and sometimes it is quite difficult to make a wise choice. Owing a property is a lifetime investment for you and your future generation, so therefore you should be very deliberate in shortlisting and finalizing a home or a commercial property as the case may be.