May 10, 2008 05:56 AM
8294 Views
*There is a tremendous nexus between the brokers and buyers in Mlore. Sellers are cautioned not to fall into the trap. They can knock of 50 to 100% of the value of the property up for sale. In fact they go to any extent to manipulate the documents of the property too.
Forging of the documents by drawing power of attorney in case of property of undivided Hindu family is rampant. Of course there are other methods such as entering into agreement, by paying a nominal advance too is being adopted. They hold on upto to 2 years during which time the property value doubles and the seller who is need of money is being made desperate so that the brokers knock of a cool minimum 50% brokerage, showing high valuation to buyer who is forced to shell out 25% of the buy, since he gets the property at below current market value.
This practice is followed by some builders too in Blore who do not complete the project on time deliberately to extract more money from the customers or forcing the NRI customers to sell off their property. My friend who invested 7 lakhs in 1998 for an apartment in Bannerghata road road beginning was kept hanging stating that the builder is yet to complete the project. In fact a group of NRI's have been trapped. Now the current value of the property is close to 40 lakhs. They made the investor desperate and asked them to dispose off the property at throw away prices. Some have just received a nominal advance. It is advisable such cheating should be taken up seriously and a case should be filed against the builders or developers who resort to such blatant cheating. Buyers buying NRI property should be cautioned to contact the owner directly and check out whether they are willing to sell the property at the quoted price.*
