We’ll break something to you…
‘The Maximum City’, Mumbai is more home to diversity than any other place in India! Now, who wouldn’t want to settle in a place of culture, ambition, dreams and everything abundant? We bet everyone has thought of it at least once. Some in dreams, some in discussions, and about 2.1crores in reality(the influx doesn’t end here for sure)!
While the city does squeeze in everyone with warmth, there is chitter chatter everywhere about succumbing to sketchy scams while hunting for a house in Mumbai.
We won’t entirely defy this and keep you in the dark, however, Nayaa will equip you with the knowledge to dodge the most recurring pitfalls in the real estate market of Mumbai.
Some very common notorious tricks to guard yourself from while buying/renting a place in the city are:
- Fake Listings:
The most predictable of all scams! Just the usual fake photographs for non-existent/ghost properties are now across and even more so with the industry advancing into proptech.
Why be cautious and how?
The idea behind such deception is to extract phony deposits and use data for other different frauds. While eagerness to finalize a property and the fear of missing out on a good deal is an obvious emotion, however it is best to view the site in person before making a call!
- Deliberate Delays:
Another old school trick in the book is about disappearing builders! Waiting to pool money from multiple investors while leaving a trail of waiting buyers is what various builders have done, leaving tainted trust in the business.
Why be cautious and how?
In such situation buyers are left with nothing but purchase agreements! Not even the complete homes that they signed up for. Therefore, one must diligently look for a credible builder and refrain from making large upfront payments.
- Rental scams:
Where renting is becoming more prominent than buying, the frequency of rental scams has increased. People are fooled by tricksters who pretend to be homeowners of properties they cannot afford.
Why be cautious and how?
When you think the rent of a place is too good to be true, trust your instinct! Make that inspection, hunt more and don’t land yourself in trouble while making hasty decisions.
- Title scams:
Forging documents and claiming to be owners of a property that stands vacant for a long time is another bait in the maze of scams. Innocent buyers in need fall for the bait only to realize their posed realtor fled after making the deal.
Why be cautious and how?
Realtors like these create an urgency, make it seem an opportunity everyone is betting on. Hence, it is important to demand transparency and verify documents thoroughly.
So, the takeaways from these tales of treachery would be:
- Take it one step at a time – As exciting as it is to finalize a house for yourself, don’t forget your house picks you too. So, the best one will come to you eventually.
- Dedicate yourself to the buying/renting process – Get involved, do background checks and make the visits. This not only saves you from all the malpractices running in the market, but also builds your own story of finding a place in The City of Dreams.
- Keep things documented – Documented proofs at each step of closure makes your case stronger. So, by chance if you happen to be taken for a ride, you have your proof!
We now know the disclaimers for the typical pitfalls of Real Estate in Mumbai, and Nayaa is here to assist you further into a seamless experience to all thing property while promising you have a top-notch tale to tell about your home hunting experience.