News Analysis

Protect yourself from real estate agents – 23 lac agents and builder defraud 45,000 crores from 5 crore investors

I had written a blog article on Feb 8, 2016 about a real estate company called Pearls Group defrauding 45,000 crores from 5 crore investors, which is possibly the biggest real estate scam we have even seen.

More details have emerged about how this scam was run – turns out that 23 lac agents received 9,500 crores as commissions to defraud 5 crore investors. The modus operadi of the builders has also emerged – the builders sold and allotted land that did not belong to them. This is a clear case of title fraud, where a seller is selling a piece of land that does not belong to him.

You can protect yourself from getting scammed and defrauded like this by checking the title ownership for the project and also checking that the builder has all the requisite approvals for constructing the property.

We, at PropertyChek, conduct legal due diligence of properties, where we check the property title by verifying the actual government record in the registrar’s office to ensure the seller (whether builder or individual seller) has an authentic, clean title. We also check the builder has appropriate approvals to construct the property.

Check out our easy to use and unbiased service which enables you to have peace of mind in making your real estate purchase. Read our sample reports to find out more details on the content of our reports.

Also read the entire newspaper article here

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