The Hindu : Andhra Pradesh News : Lure of realty proves undoing of many Law and order

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Saturday, May 24, 2008
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Andhra Pradesh

Andhra Pradesh

Lure of realty proves undoing of many Law and order

There is no mechanism to monitor activities of real estate business firms, writes Marri Ramu

On the face of it, the recent arrest of K. Manoj Reddy by Cyberabad police on the charge of duping people in the name of real estate business appears a routine cheating case.

But there are a lot of lessons people - especially those buying plots from real estate businessmen - should learn from it. Police records say the 50-year-old accused hailing from Warangal district set up a plush real estate office in crowded Dilsukhna gar. By bringing out colourful brochures of ventures and with offers to buy plots on monthly instalment basis, he attracted hundreds of average income group families.

Ironical situation

Marketing agents appointed by the accused used to drive the prospective buyers in cars to the venture sites. Nearly 1,500 persons paid about Rs. 30 crore to buy plots from him. But years after making payments, the fact dawned on them that none of the plots was owned by Reddy and he sold lands of others claiming hem to be his own.

It is not Reddy alone but several tricksters used the same modus operandi to make a fast buck and disappear. The irony is that there is no Government mechanism to monitor the activities of real estate business firms. Anyone can open an office overnight claiming to be a realtor and start transacting business.

How can such activity be checked and what measures need to be taken? None of the 1,500 persons who bought plots from Reddy’s firm bothered to inquire about the land ownership. “One detailed inquiry would have checked the fraud” a police officer observed.

Never rely on the tall claims made by the realtors and be carried away by their assurances. Personally visit the site and inquire with the local village panchayat as who owns the land being sold. Make sure it is not disputed land. After ascertaining ownership, insist with the real estate firm for documents of the land. It would be better to secure copies of revenue documents and get it verified with an experienced lawyer. This is crucial because some cheats are using fabricated documents.Getting the documents verified by a private forensic expert would be a bit expensive. But that can be done by forming a group of people buying plots in the same venture because of common interest. Inquiries through the advocate with the local police if any civil or criminal cases relating to the land are pending would ensure peace of mind. Importantly, approaching police after landing in controversy would be of little help.

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