3 Warning signs for you to identify property scams

Sometimes, an offer on a house can seem too good to be true. A two-bedroom apartment or even a one-bedroom apartment in a posh locality is being sold for a very affordable price. Offers like these not only tempt customers to make a rash decision as they feel they may not get this offer again ever in the life, but also property developers take advantage of these hard working individuals by making them fall for such gullible scams.

Let me share an example wit you’ll: In 2011 a Kerala-based property developer (Apple a Day) had offered a two-bedroom apartment in New Cochin for a meager 7.99 lakh. And to make this offer sound more exciting and tempting the property developer was providing a home loan for 80% of the property. Sounds enticing, doesn’t it? This scam felt prey to many a thousand, including a few Non-Residents of India as well. Lenders lost close to a staggering 1000 crore according to a few newspaper reports. The reason why the Kerala property developer was able to pull off the scam was because the developer had completed a few projects under their belt which has created a sense of reliability in those buyers’ minds.

The real-estate market is still in the same condition as it was in 2011 when the scam broke out. It makes it very challenging for buyers to purchase houses as most of the real-estate projects are unregulated by the government and with plenty of cases of fraud charged against few property developers it makes buying the perfect home very difficult. 

Here are three warning signs you should look out for before investing your hard earned money in any property project.

Warning sign # 1: Don’t be fooled by the cheap price offered for the property

Not all offers prompting affordable property are good enough or honest enough for you to shell out your hard earned money. Think of the Kerala real-estate developer-Apple a Day before you even consider spending money on offers like these. Take a cautious approach before considering a big move investment like this. The buyers who purchased the flat from property developer Apple a Day are still quarreling to get their hard-earned money back from them. We know opportunity never knocks twice but doing due diligence is better than complaining a builder as fraud.

Warning sign # 2:  If your property developer urges you to complete the formality as quickly as possible

Is your property developer very hasty in closing the deal? These are tell-tale signs that your property developer is looking to scam you. Property developers may even drop their prices from their actual market selling price just to ensure the customer pays the down-payment on the house as soon as possible. 

Shankar Nambiar is an NRI from Dubai, one of the victims of the Apple a Day scam who had given 10 lakh as an initial amount for an apartment that cost 20 lakh is still fighting till today to get his hard-earned money back from the developer.

Making customers feel insecure and tempting them to buy these flats by brain-washing them by saying that this offer will never come in your life again is a very common scam which is being played by most real-estate developers to attract clients. 

Warning sign #3: No transparency on legal documentation

If a property developer is giving a thousand and one reasons when you ask him to show the necessary documentation it is a major warning sign that the property developer cannot be trusted. Many developers will skip this step of asking buyers to sign a bunch of documents just to receive the down-payment amount as quickly as possible. If you are a buyer, ensure you sign the necessary set of documents like your title deeds, agreement of sale and a few other documents before going on ahead with any monetary payment. Property developers may hoodwink you by mentioning that the paperwork will get processed in due time, but it is highly unlikely they ever will.

Also, it is advisable for buyers to look into the property developer’s history, check to see if they have any pending cases against them or if they have acquired the necessary documentation for any of their development projects undertaken. Check to see if the developer has got letters of approvals from local authorities, also check to see if the company is a registered company before making a rash decision.

It may be difficult for you as a buyer to constantly keep a check on the project as well as the builder due to prior engagements or distance between your home and the property you bought. So it helps to do a rigorous check up on not just the property but also the developer before making any informed decisions.   

Are all the complaints about TGS Constructions legitimate?

TGS Constructions Pvt. Ltd. is a big name today in the real estate sector of Bangalore. Do you know the reason? The reason simply is that the company is not targeting the wealthy and the rich. Nor do they charge lot of money either. They sell flats and apartments in Bangalore and at the most sought after places of Bangalore at the lowest of places. The question naturally comes as to how is it possible. If you go into the genesis of the company you will see that the company started small with one apartment or one land plot and cited the prices as too low and sold it to lucky few. The news that the company is selling flats and apartments at such a low price spread so fast that the company grew in leaps and bounds and today the company has more than thirty or even more land plots where apartments are built. The reason is not anything else but the rapid growth of the company. How did the company grow so fast? It was all because of you the customers. In a matter of two years the company became so big only because the company sold flats and apartments at a price which is at least 50 percent lower than the prevailing rates of any area.

Apartments at Discounted Price

Yes, that’s true. It is also simultaneously true that TGS Constructions cannot offer flats and apartments at that price where the market is charging 40 percent more. So it had to go for mass production. This helped it in keeping the prices low and affordable. The company today has started constructing after receiving the approvals and hopefully it will hand over the flats and apartments to the customers. The reason for whatever delay if there is any at all are the approvals. This is not only for TGS Constructions but for all construction companies. You have to admit that TGS Constructions also operates in the same environment that other companies work in. But you should not forget that no one else offers you the price at which TGS Constructions sells its flats and apartments. This is the point which the competitors took as a loophole and started writing wrong, misleading and malicious comments and reviews about TGS Constructions. It is a known fact that any good work hampers the interests of many who wants to take advantage of the wrongs of the system and maximize profits from it.

TGS Complaints & Reviews

This is exactly what happened and today we see many TGS Construction complaints and reviews which are all wrong and misleading. Now we need to understand that the internet world is full of all these wrong comments and reviews. There was a research done of the wrong and the fake reviews and comments on the internet done by a company named Mintel. It was found out that 57 percent of the customers do not believe the reviews that they read on the internet and 49 percent of the readers think that the good reviews also are written by the paid customers of the company who are appointed to do so. Recently Amazon.com sued many of its vendor companies for writing fake comments and promoting their products online. This is a serious menace of the internet world. In such a scenario it is always suggested that you come to the respective company for which or whom you want to do a due diligence and then talk to the past customers and do a background check yourself rather creating a first opinion from these fake complaints and reviews. If you do so you will be losing from the never before opportunity that TGS Constructions offers you.

Here you can find TGS complaints, feedback, reviews, scams, frauds & cheats. Its official blog to aware you from the fake online reviews, comments, complaints & feedback posted over internet. This blog will educate the customer & helped them get the opportunity. So they can buy affordable flats & apartments in Bangalore with all amenities. I would like say place your comments, reviews, concerns & feedback on it and educate & aware the customer from such kinds of complaints & frauds.