The real estate market presumably lacks the proper regulation. The demand for housing is growing due to increased rural to urban migration in search of a better lifestyle. With this, the real estate sector is becoming more and more lucrative for developers and contractors. In light of this huge demand, we see usually that multiple housing projects set up in the country. Especially after the announcement of the incumbent government declaring the construction sector as an industry.

Frauds in Real Estate Market:

Buying or renting property can be one of the most important decisions a person makes throughout his life, and to worry about not getting a scam should not be at the top of the decision-making agenda. Criminals are getting more and more creative in how they are targeting consumers, leading to major financial headaches for unsuspecting victims. Many people are too shy to file complaints, making it harder to catch the scammers who repeatedly victimize unwitting homeowners and home buyers. Real estate scams consist of unreliable agents, false or misleading listings, fraudulent property buyers, fake documentation, buying or renting unseen property, and falsely communicated market value.

People hardly check for the registration of real estate agents with reliable and credible agencies. Many websites have popped up with listings claiming to be verified, but few can achieve this massive task. Another problem is that people often hand over legal documents to buyers before the deal officially closes.

Why market needs regulation?

Successful marketing for real estate investing implies implementing strategic and innovative real estate marketing ideas to gain an advantage over the competition, generate leads, and make it much easier to convert those leads into prospects (buyers or sellers). The practice involves using different social media handles along with traditional media outlets as well. This means that more and more people are now susceptible to receiving information related to new development projects. To protect such people from fraud, advertisements related to real estate development must be regulated. There should be oversight over what is being marketed and are those project developers worthy of delivering on the claims.

Also read about the benefits of House Flipping