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Buying a property? Choose a licenced broker only
Purchasing a property, in many cases, involves utilising the services of a broker. However, the range of services, credibility and authenticity of information, demarcates organised brokers from unorganised ones. Here’s why you should do business with licensed brokers only
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Roopankar Chakroborty, a resident of Noida, had no clue about the trouble that was going to come his way when he booked an apartment in the 19th floor of an upcoming, but delayed project in the Noida Extension region, in 2012. Chakroborty’s troubles emanated from the fact that he trusted a local real estate broker, who used a false name and a company, to book his flat in the project.

Controversy over land acquisition had already resulted in delays, in several projects in the region. To compound matters, at the time of possession, Chakroborty’s developer sent a demand letter for escalation charges and late payment penalties. “There was very little clarity in the beginning, over various charges and payments that I had to make,” he laments, adding that his broker withheld crucial details about the project. Chakroborty admits that he had little idea about the number of floors in the upcoming tower, the concept of a park-facing apartments and the applicable preferential location charges. Moreover, he has been unable to trace the broker, who had set up his shop right opposite the developer’s office.

Chakroborty’s case is one among many in the country, where properties are sold to buyers on the basis of inaccurate information. Often, the real estate agents who oversee such deals, are a far cry from being organised. Over several years, India has seen the emergence of various organised real estate consultants though, who offer services that remain absent in the unorganised sector.
Noida, India [16th Nov 2017]

  Buying a property? Choose a licenced broker only  [16th Nov 2017]  By-Col. Abhumanyu Singh (India).
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