Real Estate Fraud Prevention Checklist

How to Avoid Real Estate Fraud?

• Avoid sending money online to a 'supposed landlord/owner' using UPI, net banking, debit/credit cards, etc. unless you have met them personally.
• Refrain from paying any property visit charges, gate pass charges, booking amount, etc. over a call.
• If a broker is showing you the property, ensure you meet the owner or have a virtual session with them.
• Do not hand over any part of the consideration/rent to the broker.
• Be cautious of disputed land titles.
• Exercise skepticism towards realty investments promising high returns with little to no risk.
• Personally visit the property to assess its interior and exterior condition and conduct due diligence.
• Prioritize properties with at least 3-4 clear photos of bedrooms, bath, and kitchen areas.
• Familiarize yourself with the neighborhood before considering a listing.
• Verify the authenticity of the person showing you the property by talking to neighbors or other reliable sources.

For a Buyer/Investor

• Conduct a comprehensive check of ownership to verify the developer's/owner's credentials.
• Personally visit the project site/property to confirm its legitimacy and ensure it's not misrepresented.
• Choose a builder with a good track record and research the promoters' past records if possible.
• Beware of false title documents and properties with disputed histories.
• Conduct proper due diligence on the property before engaging in any transactions.
• Remember that open areas such as lobby, park, terrace, pool, gymnasium, and lift/elevator are not included in Floor Space Index (FSI) or Floor Area Ratio (FAR).
• Familiarize yourself with the Real Estate (Regulation and Development) Act 2016 and its related provisions.

For a Tenant

• Visit the accommodation/property and meet the landlord in person.
• Never pay any property visit charges, gate pass charges, booking amount, etc. for visiting a property.
• Inspect all rooms, including the kitchen and bath area, for plumbing issues and other maintenance concerns.
• Inquire about the security deposit in the area to ensure fairness.
• Verify access, safety, and security measures.
• Ensure all areas are measured in standardized units.