Tips to avoid land frauds while investing in plots!

Like any other industry that involves heavy transactions, real estate is also susceptible to frauds and scams. Investing in real estate is a life-changing decision that takes up a big chunk of your hard-earned money and obviously, you wouldn’t want to get scammed. There’s immense pressure on you to make the right decisions regarding your investment and avoid frauds simultaneously. Since the introduction of RERA (Real Estate Regulatory Authority) in India, the number of frauds and scams has reduced by a lot but still, it’s important to know the different types of scams or fraud attempts that you can come across.

Types of Land Frauds

  • Delay in the time of delivery is one of the more common types of fraud where the project is not completed as per the promised time
  • Uninformed changes in the specifications mentioned in the agreement
  • When sale and deeds are executed before the necessary licenses and permissions for the construction of the building are procured
  • Hidden clauses in the agreement that could affect the buyer
  • Disputes in the ownership of the land ultimately put the buyer’s investment in jeopardy
  • Real estate agents may overcharge for a property under false promises of high returns and quick development
  • There are times when the same property is sold to numerous buyers
  • Sometimes a random person might pose as the owner and execute the sale

Tips to Avoid Land Frauds

  • Never rush into a real estate investment. Do your research. Tally the real estate rates from multiple sources and make sure you are being quoted the right price for the property. Real estate developers may cunningly tell you that there are only a few units left and you need to quickly decide, or offer you discounts for booking quickly. However, it is at your discretion to take your own time to check and decide.
  • While choosing to invest in an underdeveloped area, make sure that the area is going to develop in the future. You can check the potential of the land by calculating its distance from the airport and its proximity to growing industrial sectors as some areas do not develop even after two or three decades.
  • There’s no harm in taking advice from experts in the market
  • Never buy the property because the images online or the brochures look good. Make a visit to the site and see for yourself and speak to the locals of the area like shopkeepers and petrol pump executives.
  • Check the track record of the developers thoroughly and don’t shy away from asking for references of previous buyers as it helps you confirm their reliability. Online reviews are a big help too.
  • Ensure that the project is approved by banks for loans as that indicates authenticity because banks only approve the projects after a thorough inspection
  • Ensure that the ownership of the land is clear and ask for copies of permissions, approvals for the project, as well as that of the title deed
  • Examine the documents carefully, multiple times, and understand every clause and its implication. Have the documents read by a legal expert who can help you out and if any discrepancies are found, speak to the developer to get them changed or back out from the deal.
  • Ensure that the timeframe of the construction is clearly mentioned along with a delay clause that benefits you if the project is delayed
  • Most importantly, always purchase properties from reputed builders and ensure that the projects are regulated by the respective authorities such as RERA, HMDA, and DTCP as this adds an extra layer of security, protecting you from frauds and scams

At TMR Group, we offer clear-title open plots in Hyderabad. The projects are registered under RERA. The well-planned layouts accommodate DTCP and HMDA approved plots in Hyderabad. We prioritize the quality of development and complete our projects’ top-class amenities that are likely to improve your ROIs. Our projects are thoughtfully placed in locations that have tremendous potential to grow and are well-connected to the airport and the rest of the city. Visit www.tmrinfra.com to know more about us and book a site visit today!

Why go for a brand name while investing in plots?

Few decisions have the power to change everything about your life. One such decision is investing in real estate. No matter how small or large your investment might be, it most certainly changes the way you think and take decisions. Because you put in a big chunk of your savings into the investment, it is natural to experience stress and confusion because there’s pressure to get everything right about your investment. There are many ways you can minimize the unsettling feeling. The most effective method is to invest in projects from reputed builders of the market. Buying from reputed builders offers more benefits than you might think.

Benefits of Choosing a Reputed Brand

Branded developers have been thought leaders and transformed the real estate sector. From being an unorganized sector, engulfed with trust issues to being an organized, transparent, and customer-friendly, real estate today has come a long way. Government regulations like RERA have further streamlined the sector. Here are the benefits of choosing a reputed builder:

Transparent Procedures:

  • Branded real estate developers have a dedicated legal team that deals with all the documentation and financial transactions
  • Professional accountants subject them to external audits that keep them in check. Reputed builders, in fact, gain from keeping their process completely transparent.
  • With no hidden costs, the rates that they charge match the standard market rates for that location and minimize the probability of a fraud

Completely legal working:

  • There is little to no chance that a property developed by a brand name builder will ever come under legal dispute
  • Reputed builders choose legally clear land or rectify the legal disputes before they begin the development of their project 
  • They have proper documentation with all the clearances and sanctions from the respective governing bodies
  • A reputed builder will always stick with the submitted plans and will steer clear from any potential legal ramifications as their reputation of more worth to them

Easily Approved Home Loans:

  • Home loans get approved easily at the bank while buying from a reputed builder as they generally have tie-ups with banks that simplify the overall process
  • When nationalized banks are partnered with the builder, you can set your mind at rest, as banks avoid fraudulent businesses

Amenities and Accessibility:

  • The locations of the projects are strategically chosen to provide immediate access to all kinds of amenities in the package
  • There is everything to ensure that your family and possessions are safe. All essentials like water, electricity and security are provided 24×7
  • There is plenty of open spaces dedicated to leisure and social activities that help you unwind

Quality of Construction:

  • From the labour employed to the materials used in construction, reputed builders will always provide the best
  • A brand name builder would never compromise on the quality of service and infrastructure because that is precisely what defines them
  • Strict quality control measures are enforced at the site. The labour employed is skilled and efficient. Skilled engineers and professional architects are employed to oversee the construction.

On-time Delivery:

  • You can rely on the brand name builder to give you the tentative completion date. It also helps you prepare for the housewarming well in advance.
  • Even if there are delays caused by natural calamities, the builder has mitigation measures in place
  • They are also likely to have the funds to weather through the lull
  • They will do their best to deliver on time, and any anticipated delays will be informed in advance. 

At TMR Group, we have strict quality control measures in place to ensure excellent quality of construction and provide transparent procedures that are dedicated to serving you with utmost clarity. Our well-developed projects are strategically placed and our gated community plots in Hyderabad are best in class. Visit www.tmrinfra.com to know more about our projects and you can also schedule a site visit. Reach out to us, today!