Real Estate industry involves big money and it is susceptible to equally big scams and frauds. Now and then one person or the other falls prey to the conspiracy related to immovable properties. History speaks volumes about the scams India faced while dealing in Real Estate. With the development of technology, the Real Estate sector is also expanding. My point is that notorious crimes are also increasing with the rise in access to technological innovations. What are these scams? Is there any way to avoid them?
The answer lies in the technology itself. The innovative platforms like Kagaay are a boon for both buyers and realtors.
Famous Real Estate Scams in India
Some of the famous Real Estate scams in the history of India are:
1. Adarsh Housing Society scam
Adarsh Housing Scam is one of the biggest housing scams of India. A housing society constructed for the welfare of serving and retired personnel of the Defence Services in Mumbai was fraudulently allotted to top politicians and bureaucrats. The illegal possession revealed how a few officials sitting in prestigious positions can twist the rules to grab public property.
2. Noida land scam
Top scientists of ICMR (Indian Council of Medical Research) were involved in this multi-crore Real Estate Fraud. Government land worth Rs70 crore was transferred to a private group to develop residential society flats.
3. Karnataka Wakf Board Land Scam
Karnataka Wakf Board manages property that has been donated for poor people. In this land scam, property worth Rs 200,000 crore was misappropriated by the members of the Wakf Board and a few politicians.
4. Cooperative group housing scheme Scam
11 people including 7 public servants were involved in the Rangmahal cooperative group housing scheme (CGHS) scam of Rs 4000 crore. The convicts illegally allotted huge land to the society on subsidised rate and forged documents.
5. Emaar Properties scam
Back in 2003, Dubai-based real estate group Emaar Properties merged with the government-run Andhra Pradesh Industrial Infrastructure Corporation (APIIC) where 75% of equity was granted to Emaar group and the rest was to APIIC. In 2006, another Dubai based infrastructure company, MGF got involved in the partnership and the stake of govt (APIIC) was reduced to 6.5%. CBI suspected that Emaar-MGF gained the excessive benefit of Rs 2500 cr from the new partnership. Many politicians and top celebrities were under the CBI scanner.
What are the possible reasons for people easily falling in the trap of Real Estate fraudsters?
1. False Claims and Promises
With the increasing competition in Real Estate, builders lure customers with false promises to meet their funding target. Since technology has enabled messages to reach every corner of the world, people have become more susceptible to falling in the trap of these fraudsters. Buyers are shown beautiful images of their properties but what they get in reality is far different from the one advertised. Guess, one can get duped sitting at home in his couch.
2. Assured Rental Returns
Many builders promote their properties with assured rental returns. Once the property is sold, the buyer finds himself duped. The rental returns aspect is usually added by builders to escalate selling the properties.
3. Selling Disputed properties
Sometimes the innocent buyers are sold the property that’s disputed or doesn’t even exist. They are shown the fake images and documents to settle the deal. After the transaction, the selling party disappears from the picture.
4. Intentional delays
Gullible buyers are commonly duped like this. Builders collect money from the buyers promising the property in a fixed period. What comes next is the unnecessary delay in completing the project thereby leaving buyers in constant annoyance.
5. Variation from the approved plan
Deviation from the approved plan is a common fraud in Real Estate. Builders promise one thing and deliver the other. In this case, buyers have to compromise on the previously promised amenities, space and sometimes payment.
6. Delayed approvals
Sometimes even after possession, the buyers face problems as the approvals for electricity or water connection remain pending for long. We notice instances where buyers have to deal with the issue of the building built on the impermissible land.
You would appreciate it if I tell you how to save yourself from these Real Estate conspiracies. Some online platforms provide seamless Real Estate transactions with minimal chance of frauds. ‘Kagaay’ is one of them.
Kagaay: Gamified Salesfirst Platform Connecting People and Properties
Kagaay is an innovative solution resulting in a win-win situation for realtors and buyers. It connects buyers and sellers at a single platform. Both the parties are spoilt with several options to choose from. The transparency of the medium escalates the agreements faster and makes them more credible.
Features of Kagaay App
1. Sales Enablement
Faster and easier sales transactions are enabled in the Kagaay app. One can go through numerous options available and shortlist according to the requirements. Builders can also advertise their property, this is an internal feature on the Kagaay app.
2. The Vast Exposure
You don’t come across such a great variety of different properties as you find online. Kagaay has thousands of participants registered and you get pretty much to explore before the final selection. The whole thing is safe and secure.
3. Digital Ease
Kagaay provides a hassle-free process from finding a home to getting the paperwork done. The Kagaay policy is to ease the whole cycle of buying and selling properties with 100% transparency.
4. The Exclusive Purchase Option
There’s a unique Kagaay feature to hold flash sales, draw of lots and e-auction where you can save extra bucks without going into bargain-discussion with the seller.
5. Kagaay app is India’s first Gamified Online Real Estate app
Last but not least, Kagaay app is India’s first Gamified Online Real Estate app. A flash sale is expected to go live on Kagaay app in January 2021.
Are you a realtor or a buyer who is interested in dealing with the properties? Download the Kagaay app from here and make simplified and trusted transactions.