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Market Updates

#Fraud in Realty

Imagine a delicious looking pudding on display in a bakery. Imagine the joy of buying it and saving it for dessert. Imagine the horror and disappointment of its sugarless blandness as soon as you bite into it. Now, multiply this over a thousand times, and even that cannot contain the kind of disappointment fraud brings with it. The world we live in is not new to the concept of fraud, and to be honest, it runs on it.

MythBuster Tanya,

Our social media profiles lie we tell the world everyday and it is rather appreciated with the likes of likes and comments. While lying on a public platform is an acceptable practice, lying for personal gains isn’t, especially when it is about your home.  The world of real estate is not untouched by the malice of frauds and it often comes out in open only after burning not just hopes, but also savings and financial security of a lifetime.

How does it work?

With the implementation of RERAs on 1st May 2017, things are looking up for buyers against fraudulence. The RERA Act lays its groundwork on project registration and Completion Certificate. Builders are not allowed to advertise their projects anywhere unless they are registered with their local RERA. This might seem a small step but has benign implications. This will prove beneficial for buyers in terms of getting what they were promised. The RERAs will look into the projects delivering what they said and if the projects fall under the infrastructural guidelines for that specific area.

What is in it for me?

This step will effectively curb most of the fraudulent activities that occur in the world of real estate. Since they would look into the authenticity of the name under which a project is being registered, Title fraud will see the end of its days. One of the most prevalent frauds, the Online Rental fraud will be eliminated, subject to section 3 (1) of RERA act that forbids any advertising prior to registration. In short, the sun has finally begun to set on realty fraudsters.

All this, provided that the government does some real work and not the work it has been doing from the past many decades. It’s too early to comment on how it works out in real(i)ty. All we can hope is that RERA Act becomes an exemplar of the government this country is looking up to, and not another ‘Act’ that is barely acted upon. We don’t need any more fraud schemes, our kitty is full.

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