There are various types of fraud that builders and promoters of real estate projects may commit. Here are a few examples:
- Misrepresentation of facts: Builders and promoters may provide false or misleading information about the project, such as the location, the size of the units, and the amenities and facilities provided.
- Misuse of funds: Builders and promoters may misuse the funds collected from buyers for their personal benefit, instead of using it for the construction of the project.
- Delayed completion: Builders and promoters may not complete the project on time, causing delays and financial losses for the buyers.
- Substandard construction: Builders and promoters may use substandard materials or cut corners in the construction of the project, resulting in a poorly constructed building that does not meet safety standards.
- Unauthorized construction: Builders and promoters may construct buildings or projects without obtaining the necessary approvals from the local authorities, which can result in legal and safety issues.
- Non-compliance with RERA: Builders and promoters may not register their projects with RERA and may not disclose the necessary information to the buyers and the regulatory authorities.
- Misrepresentation of Carpet area, Built-up area and super built-up area: Builders and promoters may misrepresent the size of the units by providing false information about the carpet area, built-up area and super built-up area.
It’s important for buyers to do their due diligence and to research the builder and the project before purchasing a unit. It’s also important to check the registration of the project with the RERA and to consult with a lawyer who is familiar with the laws of your jurisdiction to understand the specific provisions and regulations of RERA.
