Real Estate Market, Adobe for Fraudulent Ventures:
There is nothing new under the sun if we talk about frauds involving housing societies. Many of us fell prey in investing in fraudulent societies while fulfilling our promises in providing a better future for our families. These scams are so glamorous and engaging that anyone could become a victim by investing all of his life savings willingly in these Fraud in Housing Society.
The real estate industry keeps a thriving domain in Pakistan like always. Due to this hype of uncertainty in the flux of the real estate market, investors are eagerly investing in the property zone and this has given birth to lots of modern societies with the latest framework.
Fraudsters as Agents Disguised:
The real estate business in Pakistan is confronting a rapid increase in incompetent estate agents practising numerous deceitful pursuits, regarding selling and purchasing property. Most of them are keeping an eye on the new tactics to deceive innocent people for their own earnings.
In spite of the fact that there are many accessible foolproof norms and regulations, investors should be vigilant while undergoing the process of acquiring the land regarding purchase and paperwork to avoid the frauds in housing society.
Avoid Investing In Fraudulent projects While Purchasing Property
Here are a few key details, an investor or buyer should acknowledge before opting to invest in any housing society or project.
Check The NOC:
Before investing in the real estate market, verify the registration letter of that particular society with the concerned authorities thoroughly to avoid frauds in housing society or get a No Objection Certificate (NOC) of the land or property you are going to purchase.
For this verification method, the government of Pakistan has manifested official websites where anyone can seek every minute of detailed information with a single click.
When it comes to the investment in real estate, the most germane scrutiny is the market survey about the actual rates, reliability, trustworthy dealers, legal paperwork and all the credentials about the builders and the society etc.
This can make the process of research about investment a lot more easier to go for the right project with a more futuristic approach. One should not invest his life savings without hammering all the pertinents.
The credibility of the Owner and the Developer:
Knowing very little about the project in which you are going to invest, may lead you to fall easy prey in the hands of fraudulent societies. If the development work in the project is very slow or there are no signs of its existence, it must be taking your money to be devoured by fraudulent real estate agents or scammers.
And if you find poor management in the society you are planting the seeds of your investment, it may lead to ruin all your hopes as faulty and imperfect directions result in deplorable circumstances.
So it is of utmost importance that a buyer should be vigilant enough to know each and every detail about the society or the project he is going to invest in to avoid frauds in housing society.
Negotiate Face to Face with the other Party:
If you are not dealing in some reputable housing project, do not deal directly with the estate agent without meeting in person to negotiate with the other party.
Once you have made up your mind about the land you want to sell or purchase, urge your property agent to arrange a meeting with the other party.
Verify the allotment letter with the NIC of the seller, in case of buying property to ensure the ownership of the property.
In the case of foreign investors, a direct meeting with the other party is not possible. At this stage, the scammers and fraudsters can easily commit fraudulent activities. Uncertainty may lead to havoc.
Don’t Be Hasty While Investing:
Real estate investment is not an overnight process. It takes a hell of time and money as well. Once you have decided to invest in some project, do not be hasty regarding the process, because it takes a lot more time in pursuing all legal procedures regarding frauds in housing society.
Most of the time, estate agents or sellers keep on pushing the buyer to invest as early as he can and the buyer feels himself bound to buy without doing any specific research.
Be aware of this strategy of the sellers. They normally practice these tactics to sell some defective properties where the basic facilities are not accessible, and they want to get rid of such low-ranked land or property.
So, do not rush into buying or selling because haste makes waste and without research, it may lead to a lifetime regret, like frauds in housing society.
Pay In Small Amounts As Advance:
After doing proper research work for the procurement of some land, the investor should not pay the whole amount at go. He should proceed step by step by completing all due processes while buying any property.
The buyer is bound to pay some token money to the seller to hold that property, he is keen to buy. That token money should not be a huge amount. It should be around 50,000PKR to 100,000PKR.
This token may include the complete details about the property regarding size, rate etc. The token amount should not exceed the minimum limit because, in case of withdrawal due to some reasons, it would not cost a heavy loss.
Be cautious and do all possible research work about the society you are about to invest in. If you find anything impracticable, you should back off at once.
If the society is offering a huge return on investment in a very short time period, and if your online search is showing any authentic websites regarding that project, just take all the steps back and refrain yourself from investing in such a fraudulent housing society.
Do not trust over and above lucrative offers of the society because they may involve unlawful means and fraudulent activities as the real estate market is full of such crooked, felonious agents who earn their livelihood through illegal means by targeting innocent people.
There are lots of “ifs and buts”, again stay steer clear while making your future investments, and leave the rest to God.
Investing in the real estate market involves extraordinary investment outlay over time. So there must be some extra caution to avoid investing in fraud societies.
Such fraudulent societies are full of such deceitful corrupt agents who are just dealing with their profit margins and are getting stuck with their personal pursuits only, without caring what happens next.
So, it is very important to keep away from falling victim to their hands. One should follow the ways to avoid investing in a fraudulent society and should not rely solely on advertisements, promotional emails, messages on billboards or company news emancipations before investment.
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Mona Wasti is an emerging writer who has germinated her career recently. She is most interested in unveiling the latest trends in the Real Estate Market with great intent and research, to keep her readers well-informed and up-to- date.