KOCHI: For a great many, purchasing a house is the largest investment they will ever make in their lifetime. Despite the enormous price tag and the fact that most of us will pay off our mortgage for decades to come, the real estate and property are the most invested sectors for Malayalis.Before purchasing a property or an apartment, beware that fraudsters promising you a heaven-like home slip away once you hand over the money.Considering the small size of Kerala and its land constraints, flats are the most feasible housing option to cater to the population of the state. However the flat boom has also let in many unscrupulous elements. In the recent Apple-A-Day scam, a fake builder amassed money from over 180 people by showing the land where the apartment is to be built. According to a police officer who investigated a major scam in the city, the high demand for flats in Ernakulam has made many fraudsters active.“There are several kinds of cheating cases related to apartment and property.In most of these cases, the builders who promise t o complete the building within a time period slip a w a y after coll e c t i n g the initial investment.In Apple-ADay scam, the same mode of operation was followed,” the police official said.In another case reported a few years ago, a builder started to sell the flats after finishing the initial works. Seeing the active work carried out by the builder, many booked flats. Later when 50 per cent of the work was completed, the builder called the clients for registration where he was paid full. Promising to finish the work withi n four months the builder slipped f r o m t h e s c e n e and never reappeared.Similarly, many people were cheated by builders promising fully furnished flats.But after handing over the key, the owners realised that there were no basic f a - cilities. “There was a case in which the investors were cheated by showing a false brochure. Initially, on seeing the plan brochure, you will think that they are obvious from any builder but there is a disclaimer written behind the brochure that it is purely conceptual and not a legal offering.” “The developers reserve the right to add and alter any of the specifications mentioned in it. So no action can be taken against them,” the police officer said. “The only way to escape from the nets of such fraud builders is by checking their credentials and track record before paying the money demanded by them. The credibility of the builder is significant in this regard. Compromising for little money ignoring the credibility of the builder most often ends up in trouble. And the clients should hand over money only once the whole work of the apartment is completed.The client must also go through the whole contract and force the builder to add basic facilities like electricity and water supply so that they can take legal action if they fail to keep their word,” the police officer said.Other types of cheating cases are home improvement scams, where loans are obtained in the name of fictitious borrowers or in the name of people who are unaware that their identities are being used by scamsters.There are also equity fraud cases in which a person forges a property owner’s signature on a deed and equity in the property is stolen through loans taken against the property. Some other cases involve buying property and reselling it at an inflated price based on fraudulent apprais- a l value.
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