Land pool­ing and cheat­ing buy­ers

HT Estates - - FRONT PAGE -

Beware of multi-state co­op­er­a­tive group hous­ing so­ci­eties: Buy­ers should stay away from such so­ci­eties which tempt them to in­vest in land pool­ing ar­eas. Th­ese so­ci­eties are il­le­gally col­lect­ing sums rang­ing from ₹ 10 lakh to ₹ 20 lakh from each home­buyer Wel­fare so­ci­eties: Some peo­ple have also formed wel­fare so­ci­eties and have col­lected money from home­buy­ers. In­ter­est­ingly, th­ese so­ci­eties have been reg­is­tered un­der the So­ci­ety Reg­is­tra­tion Act 1860, which is an Act for ‘the reg­is­tra­tion of lit­er­ary, sci­en­tific and char­i­ta­ble so­ci­eties’ Non-ex­is­tent projects: Many de­vel­op­ers have cre­ated web­sites and pub­lished glossy brochures with artis­tic el­e­va­tions of projects which don’t ex­ist on ground, promis­ing buy­ers all mod­ern fa­cil­i­ties and ameni­ties Mar­ket­ing through bro­ker­age firms: De­vel­op­ers and mul­ti­ple web mar­ket­ing bro­ker­age firms are lit­er­ally sell­ing un­li­censed projects, door-to-door, which in it­self is mis­rep­re­sen­ta­tion/mis-sell­ing. Many home­buy­ers can lose their hard-earned money in such in­vest­ments Fake claims of land-own­er­ship: Many fly-bynight prop­erty agents, who don’t have any own­er­ship on any par­cel of land in the land pool­ing area, are sell­ing flats by mak­ing false claims of own­ing land by pro­duc­ing fake sale-deeds

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