3 Examples of Cheating and Fraud Observed Among Unreliable Real Estate Developers in Mumbai

Often it is heard that some prospective flat buyer ended up becoming a victim of fraud. The illegal practices by the fake real estate agents with no credibility are not something new. Among most of the prevalent cheating methods, the buyer’s hard earned money is often lost causing a huge damage to their dreams.

 

The answer is yes. With a little vigilance, you will be able to make sure that you always deal with the reliable real estate developers in Mumbai with total credibility and value for your money.

While accepting the first down payment, many agents prefer cash. They will tell you to pay in cash as online money transfer includes taxes and other extra surcharges. While you have to pay extra funds, it will protect you from fraud and if your agent thinks about running away with your money, it will be easy to track that person down using the banking details.

Lottery scheme is a very common medium of fraud. In this practice, the dealer asks hundreds and sometime thousands of prospective buyers to deposit a small amount like INR 1000. Imagine how much the agent would make even if 500 people agree to pay 1000 hoping that they’ll win an apartment for free. In the end there is no clue about the person winning the apartment and even if it happens then there is no way to find out the authenticity.

A lot of buyers purchase flats because of the investment purposes. The real estate agent claims that they’ll not only help you find an amazing piece of property but will also help you with the rental so that the money keeps coming. But once the flat is sold, the real estate agent shows their true colors and refuses to take any such responsibility.

Imagine you want to purchase a lovely property among the many luxury flats in Borivali but you are doubtful about the authenticity of the real estate agent. Little precautions will help you from getting cheated in the long run. 

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