Analysis of Frauds in Real Estate industry in the state of Gujarat - A Qualitative Study
Analysis of frauds in real estate industry in the state of Gujarat
A Qualitative study
Submitted by - Bhavishya Ramchandani and Shivam Raj
Students, Integrative Research and Development; Strategic Design and Management, ISDI, ATLAS SkillTech University, Mumbai
Mentor: Ms. Ishi Srivastava
1.Introduction:
Real estate investments are followed by its risks and are threatened by frauds in the industry. These frauds happen on a regular basis and are relevant to everyone who invests in real estate. These frauds lead to huge financial losses and also affect emotional and behavioral changes towards real estate investments. Most of these frauds involve cash transactions which don’t leave a trace of the transaction behind, leading to lack of evidence while presenting the case in consumer court. These cases usually take long time to get to conclusions and involves huge payments to lawyers leading to more loss than what is to be recovered. And hence, most of the cases go unregistered in real estate industry. This report focuses only on Real Estate Frauds in Gujarat based on qualitative data collected through primary research and secondary data through internet.
2.Declaration of Original Work:
Our names are Shivam Raj and Bhavishya Ramchandani, and we are currently enrolled in the ISDI School of Design and Innovation at ATLAS SkillTech University. This research paper, titled "Analysis of frauds in real estate industry in the state of Gujarat, A Qualitative study" was authored by the two of us, and we hereby proclaim that it is our original work and that it was written by us. Every secondary source has been appropriately credited and referenced, using the Howard format throughout the entirety of the process.We hereby attest that the piece of work in question does not contain any instances of plagiarism, and we would like to express our sincere gratitude to each and every author and contributor for the extremely helpful research that they conducted.
3.Acknowledgement:
We would like to take this opportunity to express our appreciation to the ISDI School of Design and Innovation for giving us the chance to take part in the undergraduate course in design as well as conduct research for the purpose of writing this essay. Without their assistance, neither of these experiences would have been possible. We would not have been able to write this paper if Ms. Ishi Srivastava had not provided us with the necessary direction. We are indebted to Ms. Ritika Karnani for an enormous amount of gratitude for all of the assistance that they provided with our research, as well as the conversations, feedback, and direction that they offered.We would like to take this opportunity to extend our appreciation to each and every educator and student who participated in our research and provided their perceptive feedback. We would like to take this opportunity to extend our appreciation to all of our classmates for the encouragement and moral support they have shown us throughout the course of the semester. This essay draws from the findings of a significant number of authors and researchers, citing their contributions throughout. Because of the contribution that each and every one of them made, we are grateful to each and every one of them. In conclusion, we would like to extend our gratitude not only to our families but also to our classmates for their consistent encouragement and support throughout the entirety of the course.
4. Chapter-1: Introduction
1.1. Preamble:
Real estate, a vital sector in the financial landscape, is not immune to the dangers of fraudulent activities, and Gujarat is at the crossroads of these practices. This qualitative study, written by Bhavishya Ramchandani and Shivam Raj at ISDI under the supervision of Ms. Ishi Srivastava, looks deeply into the investigation of frauds in Gujarat's real estate industry. These frauds are distinguished by cash transactions, a lack of traceability, and long legal proceedings, resulting in significant financial losses and a negative perception of real estate investments.
The objective of this study is to investigate the complexities of real estate frauds in Gujarat using a qualitative analysis of both primary and secondary data. The study seeks not only to expose fraudulent practices in the industry, but also to offer insights that will guide the industry towards a secure and transparent Real Estate environment. Our goal in navigating through literature reviews, research methods, and data analysis is to provide a thorough understanding of the two faces of real estate fraud. This study demonstrates our commitment to meaningfully contributing to the ongoing discussion about regulatory frameworks, industry practices, and investor empowerment in Gujarat's real estate arena.
1.2. Abstract:
This qualitative study investigates the landscape of real estate fraud in Gujarat, providing insights into the multifaceted challenges that investors and industry stakeholders face. The research, written by Bhavishya Ramchandani and Shivam Raj at ISDI under the mentorship of Ms. Ishi Srivastava, takes a comprehensive approach, combining primary and secondary data analysis. The study reveals the prevalence of frauds such as title fraud, rushed sales, and guaranteed returns, which have an impact on both the financial and emotional aspects of real estate transactions. The research highlights the importance of increased awareness about the Real Estate Regulatory Authority (RERA) Act, the role of unregistered brokers, and the lengthy legal proceedings in consumer courts in unravelling these complexities. The study advocates for transparency, accountability, and informed decision-making through a focused investigation to fortify Gujarat's real estate industry against fraudulent practices.
1.2. Research objectives:
The purpose of this study is to investigate the intricate network of fraudulent activity that exists within the real estate industry, in addition to other notable types of fraud that are committed by individuals residing in the Gujarat region of India. In order to carry out its research, this investigation into the factors that contribute to, are facilitated by, and have an effect on the various types of fraud uses qualitative research methods. It aims to provide a deeper understanding of the challenges and vulnerabilities that the people of Gujarat and the real estate sector face through an in-depth analysis that will shed light on the various aspects of these fraudulent practices and shed light on the various aspects of these fraudulent practices. This investigation aims to provide information that can be used to guide regulatory actions to implement strict rules and preventive measures against the frauds, which will ultimately lead to the creation of an environment in Gujarat that is more secure, open and organized. This investigation will not only reveal the full extent of the deception, but it will also provide information.panorama of the economic situation
1.2.Research approach/Methods:
During the process of writing this paper, a variety of research methods, including primary and secondary research, were used. The primary objective of this research was to compile qualitative surveys from clients, investors, and real estate consultants who worked independently. The methodology that is referred to as secondary research is the one that is responsible for carrying out the literature review as well as carrying out an in-depth analysis of research journals, articles, online sources, and webpages. In order to fulfill the requirements of this research essay, each and every research method has been carefully analyzed and broken down into a great deal of detail.
1.3 Significance:
Even though the Indian real estate market is one of the least organized in the world, there is still a significant possibility that investments will result in significant financial gains. This is due to the fact that India has one of the fastest growing middle classes in the world. (How the Middle Class Will Play the Hero in India's Rise as World Power, 2023) There is a connection between large industries and even greater risks, in addition to even greater frauds in those industries. There are a great number of distinct kinds of fraud, including title fraud, misleading advertising, refusing to provide details, and a great number of others. A further component of these cons is the practice of "double selling," which refers to the sale of the same piece of property to two or more distinct buyers at the same time (Chimwamurombe & Mubemi, 2022). The real estate market in India is hampered by the presence of transactions of this nature. This study is significant because it investigates
a variety of settings in which fraud may occur, as well as strategies that fraudsters may employ in order to avoid the repercussions of their actions.
1.4 Scope:
The primary objective of this research is to carry out a comprehensive inquiry into the numerous forms of fraud that are currently being perpetrated in Gujarat's real estate market.
The purpose of this research is to conduct an investigation into the numerous schemes that are used to defraud customers in Gujarat's real estate market. This research could be further investigated to help build an organized real estate industry; one way to do so would be to investigate the unorganized loopholes that exist in the real estate market. Another way to help build an organized real estate industry would be to investigate the unorganized loopholes that exist in the mortgage industry.The investor can utilize this information to help him make the right real estate investments and to become alert of frauds.in this industry.
1.5 Limitations:
Though there are many limitations to the research, the most important being the subjectivity of the results, there are also certain benefits. Admitting oneself as a victim of fraud is a difficult task for any victim of the crime. A few of the difficulties encountered are covered in the report's next section. Among these difficulties are the lack of quantifiable data and the inability to apply the results generally.This market is subject to a number of restrictions, such as changes in the market, financing problems, property conditions, legal and regulatory concerns, and market knowledge. a barrier to collecting reliable data because this was restricted to primary research and the media lacks many data points. Therefore, in order to obtain reliable data and insights, we must carry out more primary research.
1.6 Executive Summary:
Despite its size, the Indian real estate market is utterly disorganized. It is based on the trust factor. Though these restrictions are relatively new and only a few individuals are aware of them, efforts have been made to organize the business in response to recently added government regulations like RERA. In Gujarat, where foreign investments account for 12% of total investments and nearly 41% of all investments (DUTTA, 2013), there are frequent frauds by builders on the general public and investors, and vice versa. In this study, we intend to examine these frauds in further detail.
5. Chapter 2: Literature Review
This chapter looks at all the books, articles and any other reference that has been referred to, for understanding the real estate market of Gujarat in depth and the frauds that are present in the industry.
2.1. Articles
Many industrialists, reporters, and real estate experts have published articles on real estate and its functioning, and the frauds that usually happen in the industry. Articles state how the real estate market in Gujarat has been growing after the pandemic which is opposite from what was expected. A complete understanding of the process of buying a house happens. ('Damor, 2019)
The article (WHY GUJARAT REAL ESTATE MARKET IS HT, 202O2) details the establishment of GIFT city in a special economic zone, Diamond Bourse in Surat, and many such projects which will lead to a rise in the prices of lands and properties in Gujarat at almost 15%-20%.(WHY GUJARAT REAL ESTATE MARKET IS HOT, n.d.)
('Gujarat Attracts 41% in Real Estate Investment', 2019)According to GRERA, investments worth 5005 crores have been taken up in new real estate projects in the years 2021-2022, which is up by 13% from 4436 crores in the previous year of 2020-2021(‘Gujarat’, 2022).
(How The Unregulated and Unorganised Indian Real Estate Sector Is Transforming Through Government Initiatives and Reforms, 2017) It was found in articles that state that the new government laws and regulations will start organizing the industry in a systematic manner. Registration of every broker under RERA will ensure that each broker is performing their duties without any wrong practice and that there will be strict actions if found doing anything wrong. Every transaction will be recorded and processed through banks as the loan processes have now been made easy. (Is Rera Registration Mandatory - Google Search, n.d.)
2.2. Surveys
A survey conducted by one of the biggest real estate companies in India tells that only 5% of brokers in Gujarat are registered under RERA 2016. The survey talks about different frauds and miss happenings that usually happen in the real estate industry of
Gujarat. Frauds like Title fraud, double selling and many more.(‘RERA Registration of Real Estate Agent or Dealer In Gujarat’, 2017)
2.3. YouTube Videos
We have also seen a few YouTube videos concerning actual estate fraud and its dark roots. These videos discuss issues such as double selling, failure to disclose, and where it is best to invest your money.We gain a better grasp of the industry from this YouTube video(How They FOOL You ?, n.d.; NEVER Invest in These 3 Types of Properties | 3 Real Estate Frauds @LegalSHOTS - YouTube, n.d.)
6. Chapter 3: Research Methods
3.1. Surveys/Questionnaires
Questionnaires and surveys: The purpose of the survey that my team and I carried out was to gain a better understanding of the challenges that are currently confronting the real estate industry. This questionnaire was distributed to individuals spanning a wide range of ages and working in a variety of professions.like to have a better understanding of the levels of awareness and comprehension that people have regarding the thought processes that they are going through.This questionnaire evaluates the level of public awareness while covering a broad spectrum of topics, such as various investing styles and mindsets, fraudulent market practices, and real estate agents.For the purpose of this survey and interview, we have selected mens who are doing a business, job at good level,investors and few real estate brokers were selected and particular age range of 30 years to 80, because these individuals are the ones capable of making intelligent investments. In addition, our interviewees included people who earn a stable income from their jobs, such as investors, businessmen, lawyers, and other professionals. Real estate brokers were also among the people we interviewed.
3.2. Case Studies:
3.2.1 Case studies are first-hand experiences and interviews with individuals that assist us in comprehending the perspectives of other people. It is now much simpler to comprehend how the real estate industry functions, as well as its weaknesses and problems, which are manifested on a variety of levels and take on varying forms depending on the circumstances. Because of these case studies, it is now much simpler to comprehend how the real estate industry functions. Every scenario is one of a kind, and the right application can be a big help in elevating learner engagement and stimulating their innate curiosity in the subject matter.
RedLitchee pvt. Ltd. will be used as the primary case study in order to understand working of the real estate industry, and the known frauds that exist in the market.
3.3. In-depth interviews:
Interviews in depth were carried out with people of age of 30 years to 80 years and working in a variety of different professions like businessmen, investors, employees doing jobs at high level and few real estate brokers. We spoke with these individuals because they are knowledgeable and regular buyers and sellers in the real estate market. We have devastated the group of people who make more than 5 Lakhs rupees a month since this sector demands a significant financial commitment. During the course of the interviews, there were a wide range of different questions pertaining to real estate, realtors, cons, and case studies based on the participants' own experiences. The interviews were conducted with the objective of gaining an understanding of the strategies that individuals use when investing in real estate as well as the precautions that they take while the process is being carried out.
3.4. Observation:
Insights into the state of the real estate industry have been greatly increased as a result of reading this report. Primary research, which consists of talking to actual customers and getting their feedback, was another method through which we picked up some useful information regarding this market. In addition, we found that the procedures and practices that were being utilized in this market were very disorganized.This was the finding that was seen the most frequently overall. Secondary research helped us in understanding and justifying all our findings from primary research. Even after some limitations, we were able to get to some conclusions that are insightful and can be used to understand the fraudulent market of real estate in depth.
7. Chapter 4: Research Data and Findings
Research Data and Findings
This section describes the insights or new information we discovered during the process we used to conduct the research for this paper.
4.1 Literature Review
We read articles about different frauds that happen in the industry. Most common frauds that usually happen are: Title frauds, Rushed sales, Assured returns, Inordinate delays, False promises, Forced cancellations, Pre-launch scam, Deviation from plans and Specifications, Selling the same unit to multiple investors, and Encroachments.
Title frauds: In this fraud, scammers usually claim themselves as the owners of the property. They target the properties that are stagnant for a long time or if the owners live abroad. The scammers forge false documents in their name and sell it to buyers. Before anyone comes to know about the scam, the scammers flee.
Rushed Sales: This technique is used by brokers to show the investors that there is a scarcity for the property that the investor is interested in. They create an urgency for the investor to buy as soon as possible because of its high demand. Usually the investors repent the decision later for buying the property which was not profitable.
Assured Returns: Many builders offer assured returns on investments which lie between 12-15% annually. There are even promises for assured rental returns after the possession of the property. While investing, the builders even provide post dated cheques for assurance but the real problem occurs when the cheques bounce and the builders don't respond.
Inordinate delays: Sometimes, the under-construction buildings take longer to complete due to unavoidable circumstances like staff shortage or government regulations. But many times the builders extract more money from the investors by asking money for the construction of the building. They divert this money into getting more lands to make greater profits. The investors don’t even know where their money is going.
False promises:
A times of sales, many builders offer deals that none can refuse. These offers include, rates that are below the market rate, assured deliveries or buy back schemes which make you think that you are completely protected. But later on, when the time comes to pay back, the builder files away or does not respond at all.
(AssetYogi, n.d.)
4.2 Case Studies
We examined Gujarat's real estate fraud analysis while creating this case study. We also read a few case studies, and from those we gained some really useful insights.This case study came from a well-known builder in Gujarat, Ahmedabad. This study's time frame is 2019–2020.We learned from this case study that in order to sell a property quickly, a builder and a broker will often sell it twice and they attempt to bargain with the investor about this mistake they made when allocating property.since the investor had paid cash for this transaction. and transactions completed in cash are not documented because they involve black money.In light of this loophole, the builder or broker may attempt to double sell the property by taking advantage of it.
RedLitchee has been taken as the primary case study for the research. RedLitchee is a real estate consultancy firm. An indepth interviews were taken with the owner and the successor of the firm. It was discovered that many investors and common people are aware of the frauds that prevail in the market but are not aware of the measures that can be taken to prevent such frauds and scams. One such fraud also happened with RedLitchee, where they had a big partnership talks going on with one of the biggest builders that are there in the Ahmedabad real estate industry. The company kept the partnership with RedLitchee on hold and stretched the time. After a period of 6 months, the deal was dissolved. Later, it was discovered that the the company was looking for a better deal in the market and used RedLitchee as a pawn to achieve its personal goals. There couldn’t be any fraud registered for the same.
RedLitchee has never witnessed any such fraud ever since, and calims that none of its clients too have faced an issue for any frauds in the market.
Another case study describes a scam that happened in Gujarat's real estate industry. We conducted an interview with a 24-year-old proprietor of an Ahmedabad-based real estate consulting firm for this, and in order to double-check this information, we also spoke with a real estate investor who is 27 years old, from Ahmedabad, who was also aware of this scam. Specifically in Ahmedabad, during the years 2021 and 2022. The scam took place in the real estate market of Gujarat. They had a few brokers who assisted them in selling the property to potential buyers, and the developer was a well-known builder in Ahmedabad. They had developed a new flat scheme, and the scheme was being sold to prospective buyers. Despite this, the brokers sold each apartment a combined total of twice, and sometimes even three times.When it came time to take possession of the property, the builder rejected a select few individuals and stated that we could come to an agreement regarding a compensation for their rejection. On the other hand, there were some individuals who took issue with this, which led to a significant number of individuals returning to that location. In addition, because the transaction was carried out with cash, the parties involved are unable to even file a case, which means that they are unable to have their complaints taken seriously by the relevant authorities. Real estate was involved in this scam, which consisted of selling the same piece of property twice in different transactions. Because of this scheme, the financial assets of a sizeable number of individuals were taken. In addition, many people, including real estate brokers and investors, are still aware of these scams, and investors themselves are becoming more knowledgeable about them.
4.3 In-depth Interviews
Extended Interview
We've interviewed a select group of people.
We arrived at the interview after going through a variety of articles, blogs, and case studies.and we have developed a set of criteria for the interview.individuals who are doing well in their business, investors, and a small number of brokers.and everyone in the group was a man, ranging in age from about 30 to 80. We learned a few things from the interview that were beneficial to us from the interview we got couple of insight which were helpful for us like.1 people don't trust Dubai investment because of uncertain political change can happen 2 people need forging investment because they have existed option of property in home land 3 investors invest in that property which is in
front of his eye.because he can visit that place any time if something is wrong.4 Indian people will be more convinced to buy property abroad if it comes with vastu compliance.In this way, the interviews provided us with a few new insights.
4.4. Observation
Observations include our own observations as learners and students. It is difficult to get a proper number or even an estimate number of the frauds that happen in the real estate industry in Gujarat. Being one of India’s highest investing state in Real Estate, there are many loopholes and gaps in the law and order of Real Estate industry in India. Even after coming of RERA (Real Estate Regulatory Authority) act 2016, barely 15% of the industry follows the rules and regulations put up by the government. This industry involves money in cash which makes it difficult to track how big this industry actually is. Due to heavy usage of cash ie. untracked money people don’t want to involve the legal bodies into any matter as there will be a lot of checking of the books and records that involve business transactions and personal transactions as well.
Since there are so many loopholes, there are many frauds in this industry. It was observed that the builders are blamed for all the frauds but many a times, the owners or the buyers also commit frauds. We observed that the final goal of all these frauds commitments is to increase the price of a property than what is officially decided between the two parties. In the current market, brokers get to flee after committing any fraud as they are not registered or act as a third party at any point during the process of buying or selling.
After coming of the RERA act 2016, things have started coming into order as most of the details of any property can be found online on official government platforms. Transparency has increased ten folds and the number of frauds will be seen to reduce in the coming future.
8.Chapter 5: Discussion of Research Findings
5.1. Research outcome 1: Builders rise the price of a property by falsely selling a single property to multiple people, creating a rushed sale between two parties and hyping up the price eventually.
5.2. Research Outcome 2: Involvement of unregistered brokers is because of trust factor involved between the two parties. At the times of frauds, these brokers back out. There is no track of checking of these broker’s involvement in the process as the brokers are unregistered.
5.3. Research Outcome 3: Awareness about RERA Act 2016, among the investors and the buyers of properties should be increased in order to force the brokers to register themselves under RERA. This will help in creating more transparency in the system, leading to reduced fraudulent practices in Gujarat’s Real Estate industry.
5.4. Research Outcome 4: A victim can register his case in the reigonal consumer court for assistance. But it usually takes more than 5 years to resolve a Real Estate fraud, thus making it vulnerable as the cost of lawyers and other bodies in the process take up more expense than what is to be recovered. It leads to less registration of frauds in Gujarat’s Real Estate industry.
5.5. Research Outcome 5: It is important for investors or any buyer of properties to be aware of the frequent frauds that are seen in the industry. If, at any point, they feel that there is anything wrong happening in the process, they can take appropriate action from their knowledge. Agreements can be signed between the two parties before hand so that there is no hassle during the payments later on.
5.6. Discussion of Research Findings: Analysis and Reflection
Our exploration into the Real Estate frauds in Gujarat has come up with some noteworth findings which should be taken into consideration.
The study shows a concerning trend where the builders manipulate the prices of the property by selling the same unit to multiple people, creating an artificial demand. This not only results in monetary losses but also negatively impacts the reputation of Gujarat’s Real Estate Market. The research also puts light on the role of unregistered brokers creating the need of increased transparency and accountability within the industry.
Furthermore, our results highlight the need to spread awareness about RERA Act. Many people lack the awareness about it. This hinders the effectiveness of keeping the rules in place. The long legal proceedings in consumer courts also lead to less registration of these fraud cases. Encompassing the buyers with proper knowledge becomes crucial in order to find a route in this complex Real Estate industry and make informed decisions.
9. Conclusion
While putting ourselves into the frauds in the Real Estate Industry of Gujarat, our qualitative research has unearthed significant insights into the challenges and vulnerabilities faced by investors, buyers and the industry as a whole. Our analysis sheds light on many different fraudulent practices that defame the Real Estate Sector, leading to huge financial losses and impacting the victim’s emotional and behavioral aspects.
The fraudulent practices in the real estate industry are diverse, ranging from Title frauds and rushed sales to false promises and inordinate delays. Scammers exploit loopholes such as cash transactions and unregistered brokers making it challenging to track and take actions on their fraudulent practices. The urgency created by rushed sales and the false promises of assured returns leads the investors to making wrong regretful decisions.
Our research talks about the importance of understanding and addressing these frauds, emphasizing on the urgent need of awareness amongst the investors and the buyers. The study favors the increased need of awareness about the Real Estate Regualtory Authority (RERA) ACT of 2016, which, if adhered to, could bring significant changes like transparency and accountability in the industry.
Involvement of unregistered brokers, who work only on the basis of trust, put additional layers on the complexity of the issue. To stop this, it is mandatory to put strict actions for registration of brokers under RERA. This will lead to making the industry secured and organised.
Despite positive impact of RERA, it was observed that long legal proceedings are one of reasons of back sets for people not registering their cases. Thus, it will always be difficult to get a number to know the frauds that actually happen in this industry.
In Conclusion, our study advocates multi folded approach to tackle real estate frauds in Gujarat. This includes awareness campaigns for investors, strict measures to register the brokers under RERA, reforms in legal proceedings to speed up resolutions for fraudulent cases of this industry. Only through collective efforts can the Real Estate Industry of Gujarat be more secure, transparent and organised for the investors and the buyers.
References
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