Essential Remedies against Unfair Practice by Real Estate Developer

Investing in the real estate property is the most risky investment, but also a beneficial deal for the future. Properties are the most profitable possessions people own, but at the same time they must be cautious in dealing with the developer. There have been many cases where the investor has lost money due to a suspension of the property, denied possession or delivery of possession delayed for years.

You can spend time and money by following with the developer to get the possession, who may vanish with all your invested money. Eventually, you end up filing a case against the developer at the consumer court. Going for the Consumer Court Case Real Estate is considered as the best step one can take against the developer.

However, being cautious is the primary thing to consider. We bring you with essential steps to consider evading real estate property fraud:

Research the Market Trends: Real estate market keeps fluctuating regularly. Therefore, it is important to know the market price of the respective city's real estate business. Make sure the locality offers a profitable future and results into a lucrative investment. Seek property expert help to gain in-depth research about the market trends.

Combat yourself with Legal Action: Some real estate developers may bring inconvenience while handing over the flat possession or demand for more money, leaving you with no option but to pay. During such situation, seeking a consumer court could be helpful in taking legal action. For instance, if a developer in Mumbai is denying you the flat, then you can file a Complaint against Builder in Mumbai through consumer court.

Verify the Builder's Track Record: In the age of social media, one can easily get to know the reputation of the builder building respective project. Check their earlier projects and customers comments on real estate forums, Twitter and Facebook. This would certainly give you a sense of confidence to invest in the project developed by the builder, if found viable.

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How Real Estate Developers have Duped Customers in Past?

The entire real estate market of India seems to be notorious due to the lack of transparency. Buyers, most of the times, find themselves locked in the property that has several defects or end up paying charges which they should not be liable to pay. It is even worse when the buyer is just forced to shell out money to fund fines that are actually levied on the builders. 

Buying a property is thus risky despite the government setting up regulation. Then, a buyer can get stuck up in a property which is not constructed fully. It is important to know the tricks that real estate developers use to deceive the buyers. By doing so, you will avoid being Cheated By Builder. 

If you find yourself trapped by a builder, you can file Complaint Against Builder In Ahmedabad.

Violate development rules and plans 

Most of the times, in order to sell the property, real estate developers make a false claim that their construction adheres to the norms of the National Building Code. When most developers get their plans approved or sanctioned by the authority, there are others who do not build as per the plan submitted. There can be violations ranging from building margins and height. They have the false notion that even if the building does not adhere to the building code, it will be regularized later.

Builders earning profits from value additions 

Building amenities and recreational clubs are another issue, since buyers have no other option but to pay for them. As a buyer, the builders often do not give the option of not availing club memberships or other amenities. It is common practice to ask the buyers purchase the amenities and pay for the value additions while the builder continues to earn profit. In some of the projects and townships, the developers just promise to offer grand lifestyle, but do not transfer the ownership of gym, community halls, swimming pools and other facilities. Builders retain the rights over the value additions as per the builder-buyer agreement and continue to milk out money from the buyers. If any such thing happens to you, you can lodge a Complaint Against Builder In Ahmedabad. 

Charging for the super built area

In any of the plots, the built-area is linked to the plot size. The ratio of the built up area to that of plot size is termed as FSI or Floor Space Index. The Floor Space Index is different for different areas. Most of the times, the space occupied by terraces, balconies and the parking lots are not included within the Floor Space Index. But then, once the layout gets approved, developers just convert the other spaces into FSI. The overall cost of the property is then calculated on the basis of super built up area. So, at the end, you need to pay for the apartment's charges and the super-built up area. 

Passing on the developmental charges to the buyers 

Property developers need to pay for the development charges to the government. They include the cost of using civic amenities like water, roads, electricity supply, drainage and sewage expenses. The local authority fixes up the external development charges and then it is passed on to the buyers according to the built up area the buyers get. At times, the developers do not pay the EDC charges and pass on the liability to the buyers. 

The clause of advantage builder 

It is important for any buyer to read up the terms and conditions and find if there any clause regarding advantage builder where the builder is given the right to revise the price of the property. There can be that price-escalation clause where the builder can increase the price of the apartment and the charges relating to it.

There are various other ways in which the builders can cheat a buyer. If you have ever been Cheated By Builders, you have the right to sue him. But then, you need to have that right to sue him as per the terms and conditions of the agreement.

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