Not only in Pakistan but globally, scams are everywhere; even in real estate industry.
Due to high prices, this sector attracts a lot of scammers who are always on the quest to con buyers and tenants. Luckily, there are ways using which you can safeguard your hard-earned savings against all types of housing scams.
Here’s a rundown of the 3 most common housing scheme scams being a buyer you will come across – along with advice on how you can cope up with them.
Purchase a File
If you are looking to buy land in a newly developed housing scheme, you will come across this housing scheme scam quite often. The fraudsters will offer you to buy a file of a plot of which a few installments have been paid. If you encounter such a person, it is strictly advised not to accept the deal. There are many reasons for not accepting this kind of offer. Firstly, the housing scheme may either be controversial or the file must be fake. Even if you are dealing directly with the representatives of a certain housing scheme, always verify the documents before investing your money.
Development Charges
There have been many cases when upon the completion of installments, the management of the housing schemes where you have invested your money ask you to deposit a hefty amount of money as development charges. In most cases, the agents are the scammers who ask for money that has nothing to deal with the development of the land. In order to deal with this kind of scam, it is suggested to take a written note from the housing scheme if such development charges exist before signing an agreement. It will also give you an idea if you need to pay some amount after the completion of the installments.
Personal Bank Details
While paying the installments, some representatives of housing schemes ask you for your personal bank details like credit card numbers, etc. This information can be used to rob your bank account and transfer funds out of it. In order to deal with this housing scheme scam, security personnel and real estate experts advise not to share the bank account details with anyone. It will allow you to keep your money as well as your information safe. Even if you are just asked for some basic information, always enquire about the reason for asking for such details and where they will be using it.
These are the three most common housing scheme scams in Pakistan that you will encounter. However, not all housing schemes are fraudulent. At ilaan.com you can get a list of some of the most popular, trusted, and reputable housing schemes offering plots for sale. The benefit of browsing them through ilaan.com is that all the information is verified and the documents are available on the portal. We will save you the hassle of getting the documents verified and ascertaining if the housing scheme is really worth making an investment.
