Malpractices in Realtors' World | By :: Nikhil Pattani

Real estate in India is a colossal Industry. It contributes to nearly 50% of GDP in India. This industry gives employment and business opportunities to many along with providing properties, may it be a dream home, land, factories, warehouse, religious places, amusement park, gardens, Hospital, Infrastructures and much more.

Any property sold under construction; some information is kept hidden purposely. The clients coming to buy the most expensive product, just get lured by beautiful brochures and lovely sales offices and affluent staff, who may not have the complete product knowledge or either who is asked to disclose certain facts only.

RERA 2016 has given good liberties to the clients to safeguard their investments. Yet we see that not every client checks the details of the land, like lease hold/free hold, the title of the land, the cases going on in any court or judiciary against the developer or litigations on the land, commencement date, approvals etc. All these details are must, to be thoroughly known. Also check if developer has made any changes in the plans, since the start of the project, if yes, the client must ask for the reasons.

Check on the delivery date and if it was ever extended by the developer earlier. Check if developers say 30 storeys and in RERA it is updated as 20 storeys, ask for the reasons.

Developer on the other hand should give information to the clients as uploaded on RERA and educate them about whatever changes may happen is a due course.

Most people buy property and keeping paying instalments and one fine day the information on RERA website gets updated with another set of changes, unexpectedly. Client would not even understand what happened and, the developer would try to convince and most client will go with the developers’ words, as he has already invested his hard-earned money and most precious time. If he tries to raise a query, developers offer him to terminate or cancel the deal and Poor customer would continue out of compulsion and helplessness.

So, read carefully all the documentation given by the developer thoroughly as you are paying a hefty price for hefty profits to be made by the developers. While shopping a merchandise, or a holiday, we check everything thoroughly and make sure that everything goes perfectly well. 

Realtors/Channel partners should educate their clients for their rights and his own safety too, as RERA has provision for punishments and penalties to Realtors and channel partners too

For developers it is a business but for a property buyer it could be his dream home purchased with high rate of interest paid for home loan taken to buy this property.

Be more careful, Consult Realtor....

If you don’t know any, Contact me 

Your Realtor,

NIKHIL PATTANI.