Issues with Property Developers
Real estate in India is widely growing. To accommodate housing to every individual is a major task our country is facing right now. The huge demand for housing in cities and big cities of India has attracted property developers to invest and earn through housing schemes, Flats, commercial markets. The real estate market is flowing with big money transactions. In this huge cash flow sometimes fraud is also committed, as many kinds of disputes can arise between the parties.
NRI’s investing in real estate
NRI’s living abroad do not visit India very often, however they stay connected with the background to which they belong. NRI’s generally invest their hard-earned money in India. The most common part of investing in India is real estate. NRI people bring money from foreign nations and starts investing it in properties through Builders owning a large area of property business in India.
When to seek legal advice
Big real estate companies often take money before constructing residential and commercial buildings. On-time of receiving possession, the owners face many real problems. There may be a fault in passing possession by the owners of the property to the buyers. The possession disputes regarding properties sometimes need legal assistance.
Record of the property:-
Property during purchase needs to be clear from previous faults. Sometimes a situation arises where Property has a fault in previous purchase or sale. A property before buying or selling should be checked legally with the help of legal counsel. The lawyers may check the previous sale and purchase of the property to see property has not been any part of any litigation.
Builders often do not pass the property on scheduled time. Due to this reason, people face big monetary loss. To reclaim possession legal advice can be sort. To regain possession a person must come with the documents of the said possession to an advocate.
Following precautions must be taken by the NRI people to avoid property disputes:-
- Firstly, a person investing its money in real estate must not give it without taking a proper legal document in return of that property. Proper documentation shall be taken out of the property and legal paperwork should be done.
- Secondly, a person must check the past record of the builder company. A person must take legal assistance in tracking the past record of the companies. As of their legal records and any legal suits in name of the company.
- Another precaution that can be taken is looking through the balance sheets of the company. Past records of the company show a lot about how a company is faring over the past few years. If the company is committing monetary frauds in the past then investing in that company should be avoided.
- Also, the market price of the property should be analyzed. It is not necessary that the property will have the same value as demanded by the company from the NRI’s. NRI’s do not know about the market of India and builders try to seek benefit out of this situation. So a look at the current market situation shall be given.
- Before investing a brief look at the project must be given.
- The documents of any kind must be given for verification to the lawyers.
- The property where the money is being invested must be checked in detail by the investor.
- All the transaction receipts, documents and other things in relation to the said transaction shall be kept safe.
The best relief a person can be sought is legal action against the builder company. The builders cannot run away from the law after committing fraud. Legal action can be brought against the wrongdoer with the help of experienced lawyers. A suit for a claim can be filed in the civil courts with the help of best property lawyers.
Documents required for suit
Following documents are required for filing a suit:-
- Details about the meeting.
- Receipts or any proof regarding the amount being paid.
- Details about the property.
- Copy of agreement or any kind of contract made between the parties.
- Details of the payment and delivery of possession details of the property.
Our team of well qualified and experienced lawyers can be contacted for legal counseling and suggestions regarding investment in properties. NRI’s can have video counseling and have counseling through calls. Our lawyers have been dealing with property default cases from many years. Our advocates can be contacted to claim relief and to find a solution if a fraud has been committed against them while buying a property.