Will li­cens­ing bro­kers save you from fraud?

The re­cent gov­ern­ment pro­posal to grant li­cences to prop­erty agents is ex­pected to make the realty mar­ket more or­gan­ised and pre­vent cases of cheat­ing

HT Estates - - NEWS - Van­dana Ram­nani

NDelhi tops list of prop­erty fraud cases

In Delhi, as per the Na­tional Crime Records Bureau (NCRB) around 181 cases of loss of prop­erty were re­ported dur­ing the year 2013. The worth of prop­er­ties is es­ti­mated to be around ₹ 3,000 crore. At least eight cases were for loss of prop­erty un­der the cat­e­gory crim­i­nal breach ishat Khan, an in­vestor, booked two apart­ments in Gur­gaon through a bro­ker in 2012, who promised him a 2% com­mis­sion which helped Khan main­tain cash flows in the short term. How­ever, in­stead of get­ting a proper let­ter com­mit­ting the 2% com­mis­sion, Khan got a bo­gus note, which should have warned him of the bro­ker’s premeditated in­ten­tion to cheat. The case is cur­rently with the Eco­nomic Of­fences Wing in Gur­gaon.

And that’s not all. There have also been cases of bro­kers is­su­ing post­dated cheques to buy­ers and then fil­ing a re­port of cheque book theft with the po­lice, ab­solv­ing them­selves of all re­spon­si­bil­ity. of trust. Th­ese were for prop­er­ties worth ₹ 1 crore to ₹ 10 crore. Un­der the cat­e­gory of cheat­ing, there were 102 cases for prop­er­ties worth ₹ 1 to 10 crore, 43 cases of cheat­ing for prop­er­ties worth ₹ 10 to ₹ 25 crore and 22 cases of cheat­ing for prop­er­ties worth ₹ 25 to ₹ 50 crore. There were three cases of cheat­ing for prop­er­ties worth ₹ 50 to ₹ 100 crore and three cases for prop­er­ties above ₹ 100 crore. Ma­ha­rash­tra came a close sec­ond with 176 cases (worth ₹ 1,600 crore) and Pun­jab with 82 ( worth ₹ 500 crore) cases of prop­erty fraud.

Will in­clud­ing bro­kers in RERA help?

To pro­tect home­buy­ers from un­scrupu­lous prop­erty agents, the min­istry of hous­ing is plan­ning to make it com­pul­sory for real es­tate bro­kers to get reg­is­tered with the pro­posed real es­tate reg­u­la­tory au­thor­ity (RERA). It also plans to ex­pand the purview of RERA to cover com­mer­cial as well as res­i­den­tial real es­tate.

Real es­tate agents will now have to get reg­is­tered with the pro­posed real es­tate reg­u­la­tory au­thor­ity and get a li­cence

PARIVARTAN SHARMA

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