Real estate sector has become the playground for scammers as it attracts huge money in India’s upcoming properties. There are some well-marketed and innovative scams. These scammers love to play on people’s group dynamics in close quarters both in large cities and small towns. Among these group dynamic victims, there are woman groups, employees of one particular organization, tenants of some building etc. These scammers convince people to buy a real estate that is either illegal or has no existence at all. It’s always best to find good real estate development companies who have participated or own any awards like Real Estate Awards in India.
This a very common scam where people were pursued to do investments in India for the upcoming properties like Emu farms to raise Emu. Fraudsters used to sell those frauds fooling people by telling that it’s a new form of investments.
Yes you saw it right. Many people have been fooled by giving a promise of huge returns if they make investments in plantations such as teak. Scammers even take one step up by taking a certain number of people to trip to visit the places. In turn those scammed people become spokespersons of this project and have become investors themselves.
Many fraudsters take up reputed builders’ names of some upcoming apartments or they will present names of some enterprises that are very similar to the existing ones. Some scammers convince people by printing fake business cards. Ask probing questions to save yourself from getting scammed about the company. They may falter if they are fraud. Do make sure to visit their office to meet them.
On many online forums many online investors were fooled. Mostly by attractive real estate in remote areas pulled off more scams. The government has to step in to control this kind of crowd funding of anonymous investors to the nameless entities. The SEBI or Securities and Exchange Board of India have told those entities that seek crowd funding should be listed under them. Find out if the entity is certified by SEBI.
To avoid these scammers firstly you have to identify scams. Here are some tested points that you must know: