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Property Rental Scams to be Wary of in India


Property rental sector is impacted in a huge way due to illegal practices followed by some scammers. The increase in these scams is a matter of concern for tenants and landlords across the country. People looking for lease and rental properties are often fooled by scammers and the following article is to raise awareness among the common populace. Some of the usual scamming practices are:

Absence of legal rental agreements:

It is straight away a red flag if property owners or agents agree to rent the property without drawing up a legal deed. A rental agreement has the important details like the time period of stay, rental amount and other clauses regarding the handling of facilities in the place. Without an agreement, there are chances of problems to arise between the tenants and the landlord in the future. Tenants can also easily practice illegal activities without a fret in case of the absence of proper rental agreements.

Demand of money before seeing the rental/leasing site:

There are brokers who ask for an advance cash payment before even showing the property. This is a clear warning sign and most of the commoners fall easily into this trap. It is advisable to walk away from the deal if a landlord/agent asks for payment before visiting the site. Brokers who do this are often well prepared and they might even have pictures of a fake property to lure in a person. In Chennai, if someone is willing to rent one of the flats in Tambaram, it is advisable to go visit the site before deciding on the same.

Rushing to rent or lease the property:

One might even come across landlords who are too keen to rent their properties. Such actions are a clear warning sign and it is advisable to stay away from these kinds of people. When they are too eager to rent the property, it means that there is something definitely fishy behind it. Doing a background check on the landlord is sensible in this case.

Scamming with the security deposit:

This is a common practice followed by scamming property owners across the country. By claiming that the tenant has damaged the property excessively, landlords often withhold the security deposited by the tenant. To make sure that these scams are prevented, as a tenant it is advisable to take photographic evidence of the property before moving in and while leaving the property.

Real estate agents who are fake:

While looking for a prospective rental space, people often end up meeting realty agents who are scammers and are looking to fool people. To prevent such mishaps, the government now has come up with the Real Estate Regulation and Development Act (RERA) to filter out these kinds of scammers. It is advisable to consult a registered broker while hunting for rental or lease properties.

To prevent from falling into such scams:

1, Refrain from dealing in cash. It is advisable to adopt an online cash payment or check payment to ensure a transparent and traceable transaction.

2, Always ask for a legal deed or agreement with all the details of the landlord and the tenant.

3, It is advisable to visit the property in person before finalizing the deal. Refrain from signing any agreement before seeing it.

4, Beware of the rental market rates in the area before meeting a landlord or a broker.

5, Have a conversation with the currently residing tenant or neighborhood folks to find out about the property and the owner of the property.

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