There has been an exponential growth in the population coupled with an increased demand for property but the area of land available has remained the same. This has given rise to fraudulent builders acquiring land through unscrupulous means. By purchasing an unapproved property, you land up in several unending troubles. The building may not be constructed as per the safety norms or worse you may lose ownership of the property if the developer has colluded with a joint owner of the land without taking approval from the other parties involved. There have also been cases of forceful land grabbing and selling it to gullible buyers. All this would make it difficult for you to resell the property and you may have to frequent the courts regularly. Ensure that all the documents are in place and check the records at the sub-registrar office. For good measure, verify if the property is approved by the leading banks.
This is another huge menace that you have to steer clear of while investing an apartments in Bangalore. To help you from being duped, the government has brought in the Real Estate Regulation and Development Act which makes it mandatory for agents and agencies to register with the RERA.
With RERA, you will be protected and have access to quick legal redressal in case of faulty business practices. Before the introduction of RERA, many small brokers thrived on misinforming or under informing their customers which will now be put to an end. Hence always make sure that your builder is registered with the RERA.
Some of us can fall too much in love with the house and ignore the location. The questions that you must ask are:
What are the developmental plans in place for the neighbourhood?
Have the home values been on the rise or decline?
Is there a possibility of the street becoming a popular shortcut during rush hour?
How is the infrastructure of the place?
Do your due diligence and conduct research before you zero on the place. Properties in electronic city phase2 tick off all the right boxes owing to the excellent infrastructure and rental returns.
Lack of Research
Most of these traps can be avoided with a little bit of research. This is an important step that is sadly ignored by most buyers and fall prey to the builder’s dubious claims. Verify the builder’s reputation and if all the documents are in place. A little bit of caution can go a long way in helping you save yourself from any scam.