Real Estate Frauds in India: An Analysis

Scammers and fraudsters are getting more and more common as the real estate industry expands. Real estate is the most precious asset, so investors invest in it in order to have a more secure future. However, it has significant risk, expensive pricing, and only a little security. It is insecure and an easy target for scammers because of its lack of security. Misrepresentation, Escrow wire fraud, and questionable mortgages are the three most typical scams done by the realtors. Misrepresentation is the deliberate dissemination of false information. Investors that rush into a choice, believe the seller's falsified claims quickly, or fall for the con artist's phoney profiles are most likely to be taken advantage of. Lack of sufficient investigation contributes to scams, and investing without inspection may raise your risk of being a victim. Scammers spoof investors by using false advertisements, phishing emails, and phone calls. The growth of real estate sector has led to the growth in Indian economy. Despite this fact, real estate has so many issues and it faces number of challenges. There are several loopholes in the rules and regulations made in this regard. Due to absence of strict adherence to legislations several risks are involved in the real estate sector which amounts to serious fraud faced by the consumers. This paper will deal with the issues involved in real estate sector. The paper will focus upon various legislations available for real estate sector in India.