The last decades has seen countless housing schemes surface promising luxuries living to unsuspecting investors only to be declared bogus after millions of rupees have been collected from them. The modus-operandi of bogus housing societies is to publish attractive advertisements in the print and electronic media in order to lure people into buying, and after collecting the money they disappear.
Over the years the Awareness and Prevention Division (A&P) of the National Accountability Bureau (NAB) has advised investors to check all details prior to investing in any housing scheme.
Unfortunately, beyond warnings no legislation to protect investors from bogus housing schemes Housing Development, Housing Projects, Housing Benefits & Housing Associations has been forthcoming from the federal or provincial Governments. In such a scenario, it is imperative that investors not risk their hard earned money without conducting their own investigation into the legitimacy of any new housing scheme.
Here are few points to keep in mind before investing in any housing scheme:
1) Obtain a copy of the No Objection Certificate (NOC) from the management of the Housing Scheme and confirm its authenticity with the competent authority, i.e KDA, CDA, LDA.
2) Find out from the concerned office of the City Government who is the owner of the land on which the project is to be built, and whether proper lease documents exist with the area registrar.
3) Inquire from utility companies if they have agreed to provide utilities to the scheme.
4) Find out if there is any ongoing litigation involving the land where the scheme is being built.
5) Examine the details of the plot you are interested in. Make sure the exit plot number, street number, sector phase number as well as the development charges and payment schedule are clearly highlighted prior to signing the purchase agreement.
Unfortunately, beyond warnings no legislation to protect investors from bogus housing schemes Housing Development, Housing Projects, Housing Benefits & Housing Associations has been forthcoming from the federal or provincial Governments. In such a scenario, it is imperative that investors not risk their hard earned money without conducting their own investigation into the legitimacy of any new housing scheme.
Here are few points to keep in mind before investing in any housing scheme:
1) Obtain a copy of the No Objection Certificate (NOC) from the management of the Housing Scheme and confirm its authenticity with the competent authority, i.e KDA, CDA, LDA.
2) Find out from the concerned office of the City Government who is the owner of the land on which the project is to be built, and whether proper lease documents exist with the area registrar.
3) Inquire from utility companies if they have agreed to provide utilities to the scheme.
4) Find out if there is any ongoing litigation involving the land where the scheme is being built.
5) Examine the details of the plot you are interested in. Make sure the exit plot number, street number, sector phase number as well as the development charges and payment schedule are clearly highlighted prior to signing the purchase agreement.
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