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Common Property Frauds

Deliberate Delays:
Even though the builder may have a handful of successful projects, it is important to ensure that the builder lives up to his promises in the existing projects. Project delays and disappearing builders are a common occurrence in real estate fraud. One strategy unscrupulous builders resort to is to delay project completion deliberately until they get requisite number of buyers. Yet others divert the money pooled from one project to another, delaying both projects in the process. One way to prevent this is to go for projects that have been approved by banks. Not only does it put the builder under obligation to complete the project in time but your tie up for finance is also taken care of. Another way to ensure it is to see if there is a delay clause in the agreement and that the construction stages with timeframes are clearly included in it.

Delay in utilities:
Not only project delays but also delay in approvals and sanction for utilities can leave buyers wringing their hands in despair even after possession. Thus, it is best to check for sanctions for utilities like electricity connection, water connection, etc. were pending. Issues like plot in unauthorized layout or sub-divided land, building with land use violation, setback violations, floor area violations, etc. detected after agreement formalities and construction have commenced could lead to delay in other downstream approvals and title registration.

Deviation from Approved Plans:
One important thing to ensure while buying a property is to ensure that it is similar to what the builder had promised. Many projects when completed take several deviations from the approved plan in terms of common areas. This possesses a huge challenge for many buyers who have to compromise on common amenities, spaces, promised luxuries and even on core project amenities like dedicated parking space despite having made additional payments for the same. The best to prevent this is to get the assurances in black and white.