Avoiding Off-plan Scams In Property Purchases

Because of the property boom during the turn of the 21st century

, many property projects were started in India. Many of these projects were done off-plan, meaning that purchasers would be able to buy shares of properties still to be built. When the latest global recession decimated many countries' economies, many of these off plan property projects went belly up and lost all their value.

In some areas, there are still agents that offer to sell off plan projects. Many of them are out to scam people of their hard earned money promising bargain basement prices for high end properties. Because of the increased purchasing power of Indians throughout the world, the most common target nowadays are non- Resident Indians working and earning overseas. Since it is now a buyer's market, your investment needs to be protected and the following tips are the best ways you can protect yourself from being swindled on an off-plan property investment scheme.

Engage an Agent. An agent is going to be your representative in the property discussions for your investment. It is best to engage the services of an individual that has been engaged by someone you know. Since this is a position of trust, you need to see their certifications and other documentation that they represent their clients well. This agent would assist you in the negotiation, discussion, paperwork and eventual transfer of your off-plan investment.

Research on the Property. Don't be taken by the sales buzz and hype provided you by the developer. Do your independent research especially from known sources online. You also need to research on the progress of the work and compare prices in order to get the best value for your investment. You also need to find out if there have been complaints filed against the developer of the property, be it locally or in international fora.

Study the Markets. Since you would be paying the purchase price with your home country's currency, you need to be aware of the exchange rates. Fluctuations of the exchange rate affect your overall budget. Thus paying while the value is high and scrimping when the exchange rate is low can help your overall bottom line when purchasing off plan properties.

Visit the Property. Many think that the property would be there once it is completed according to their specifications. Do realize that this is a large investment on your part and you must at every opportunity visit it to push for completion. Do not rely on other's advice as the best way to gauge as to the progress is you very own set of eyes.

There are many other ways to protect yourself from being scammed by off plan developers. It is best to have a trusted agent with complete due diligence and knowledgeable about foreign currency as well to help you assess your investment. Once you have done these, you can rest easy that your investment would bear fruit in no time.

by: Bobby Castro

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