Here are the top 15 Real Estate problems you should be aware of when purchasing a property in Bangalore:
Seller does not own the property. Fake Title Deeds produced
You pay the advance for a property based on Title Deeds that the Seller shows. The documents are fake and the seller does not own the property.
Builder takes your money but does not build the apartment
You pay money to a builder based on plans that are shown to you. The builder takes your money and the construction never happens. You are stuck with lawyers and courts trying to get your money back.
Builder takes your money but does not finish the construction within the time-frame promised
You pay money to a builder based on a completion date that the builder promises. The construction goes on many years after the promised finish date. Every month that the building is late means you lose money paid for rent for that month.
Builder takes your money and the construction quality is very poor
You pay money to a builder based on a model house that the builder shows you. After the construction is complete your house/apartment is nowhere near the quality of the model house the builder initially showed you.
Seller sells Agricultural Land as DC Converted Land
You pay money to the Seller for what you think is DC Converted Land based on Fake DC Conversion documents that are shown to you.
Builder constructs building without sanctioned layout plan
You pay money to the Builder and the construction is done in a layout that has not been sanctioned from the concerned governmental authority ex. BDA, BBMP, BIAAPA, etc.
Builder constructs building without sanctioned building plan
You pay money to the Builder and the construction is done on a building plan that has not been sanctioned from the concerned governmental authority ex. BDA, BBMP, BIAAPA, etc. Note that a sanctioned Building Plan is different from the previous point we made about a sanctioned Layout Plan. Both are necessary.
Builder constructs building that deviates from sanctioned plan
You pay money to the Builder and the construction that is done deviates significantly from the plans that have been sanctioned by the government authorities.
Seller does not have Occupancy Certificate. Fake Occupancy Certificate is produced
You pay money for a property based on Certificate of Occupancy that the Seller shows. The document is fake – the seller does not have a Occupancy Certificate either because no government authority sanctioned plan exists or because the construction deviates significantly from the sanctioned plan.
Outstanding loan exists on property. Seller produced fake Nil Encumbrance Certificate
You pay money for a property based on a Nil Encumbrance Certificate that the Seller produced. The document is fake – an outstanding loan still exists on the property and the Seller still owes the bank the remaining money. You end up with a property that does not have a clear and marketable title.
Builder takes your money for a building that is on land that has been notified as pending acquisition
You pay money to the Builder for construction that has been done on land that has already been notified as land that is being acquired by the government.
Seller owns land jointly but sells you the land as though he/she is the only owner
You pay an advance to a Seller for a property based on the understanding that the Seller is the only owner. Later you find out that the property is owned jointly with other owners and the agreement was made without their knowledge or permission.
Seller collects Advance Amount on the same property from multiple Buyers
You pay the advance amount to a Seller for a property. You find out later that the same property has been shown to multiple Buyers and advance money has been collected from them too.
Seller collects Advance Amount on a property by misrepresenting its size
You pay the advance amount to a Seller for a property you think is of a certain size. You find out later that the property is smaller than what was initially indicated by the Seller.
Seller sells property that has been attached to another person by a Court Order
You pay money to a Seller for a property you think belongs to the Seller based on the Title Deed shown. You find out later that the property has been attached to someone else based on a Court Order or judgement.
How to verify whether builder has produced fake document or the true one ?