Real estate in Jaipur witnesses increasing fraud risks
Jaipur- The immense growth in real estate market has paved way to an increased threat of fraudulent practices in Jaipur. Fraudsters continue to find new ways to cheat buyers among which land related fraud cases are rising in 2013.
Already, around 220 fraud cases related to land documents have been registered so far in the current calendar year. Around 1124 cheating cases were registered in 2012. But this year, the number is expected to increase even more.
Every month, above 100 cases of cheating using fake documents are being registered, alleged deputy superintendent of police.
Realty fraudsters are being largely attracted by the rising property rates. Due to high profit margins, even women have started indulging in such frauds. The police has booked around 10 women till now in property cheating cases. Even after getting released from jail, most of such fraudsters again start their corrupt practices.
Residents claim that though these cheating cases are increasing day by day, the Jaipur Development Authority (JDA) has not implemented any measure to secure the interest of the residents. Meanwhile, few sources alleged that the JDA is planning to start a new tamper-proof format that would carry a hologram along with security tapes. But the authority is slow-moving about the proposal.
Since the prevailing format for deeds is simpler to be imitated by fraudsters, the JDA’s cooperative wing and police had suggested to make changes in the format. Following the recommendations, the authority has prepared a four-page tamper-proof sample patta.
The Authority will re-examine the features of the patta as the project cost might rise because of the technical characteristics involved in it, said a JDA senior official.
Most of the realty fraud cases registered so far are related to old deals which happened between 1975 to 2000. Only 20 percent of the cases are related to land deals after 2000. The practice of preparing fake land documents is pretty old and many buyers have lost their money in buying properties in Jaipur from fake owners, said officials.
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