All respected members, every now and then we hear of property fraud being committed with some one somewhere during purchase and sale of plots or property. I think it will be be beneficial and educative for all of us if we share our such experience and the types of fraud and the manner in which it is committed so that we all become aware of it. More prone areas are the cooperative housing societies , housing related pvt ltd companies , housing schemes launched by development authorities like cda , lda , dha, bahria etc etc. I hope you will not mind sharing your experience in your free time , for the welfare and benefit of all members. Stay blessed.
It is happening in small societies of lahore but not in dha,bahia town or awt etc
From
Saif memon
Riaz sons associate
0322-2323516
Deep regards for the Admins for allowing and displaying a useful thread for all of us.I feel instead of big brands it is happening everywhere and can happen with any one of us. So knowledge of such frauds will keep other ppl / members safe.
I think if this thread is in category " Where to Buy " then it will attract more attention of the readers.
I mentioned here before that my friend was a victim of fraud in BT RWP. But He had a file not a plot. In BTs & DHAa if you own a plot then fraud chances are almost nil. Be careful about files.
I mentioned here before that my friend was a victim of fraud in BT RWP. But He had a file not a plot. In BTs & DHAa if you own a plot then fraud chances are almost nil. Be careful about files.
Good, useful thread
@Abudl Qayyum sab, Sir, can you pl copy and paste here what type of file fraud your friend went through.
@ Blue Sky
My friend & the dealer names were exactly the same. The dealer proceed to BT office saying that his father’s name was written wrongly and needed to be corrected. The correction was done then and He sold the file immediately. My friend is running multi-million $ business here in gulf and was not in a position to go and file a lawsuit in Pakistan.
Problem with my friend also:
Why He handed over his file to the dealer and came back?
Why He did not hire a lawyer in Pak to fight his case?
The dealer ran to Karachi and disappeared from RWP, as well!
I am sure this is an isolated case but caution to be exercised with files/certificates.
1) One of the popular type of the fraud is that a "fradidya' ll offer you a property at cheap rates and ll try to get some money on the name of token money or biana. So you ll be at alert if you are being offered some thing a lower rates.
2) other scenario is than Property ll be offered you at market price but the documents of said property ll be fake.Fradiyas here have developed much dexterity to prepare fake-documents of any society...Form DHA to Bahria and so on.
So never give a penny to anyone before getting the documents verified from the authority/society concerned.
These are some common practices,however Fradiyas are innovative in introducing new methods.
Regards :)
Hisham Ashraf
Real Estate Consultant,DHA Lahore
0300-4111131
@ Abdul Qayyum. Many thanks for sharing this unique property fraud. Certainly the dealer was quite sharp and immoral too.
Fradiyas here have devised number of ways to deceive people in real estate market,how ever some of the common practices are:
1) The ll offer you property at lower price & ll try to get some money from you on the name of token/biana or advance and run away. So,be at high-alert whenever you are offered some thing below than fair-value.
2)Property ll be offered to you at actual marekt value but the documents of said property ll be fake & and Fradiyas here possess special experties in preparing fake-documents...Naqal-Ba-Mutabiq Asal.
So,never give a single penny with out verifying the documents from society/authority concerned to any one unless the dealer or person is trustworthy for you.
All the best :)
It's very common, dealers/sellers run away with money, or in some case will refuse to return money point blank, if they sense you can do nothing about it. Overseas Pakistanis are the most juicy targets for them. Here is my experience. Early in my investing days, made a deal on biana for a plot I liked with full payment promised in 30 days. I had to return overseas to dispatch the full payment. On my return when I approached the dealer, I found out seller had already started constructing the house on the property! and was not willing to sell. Ofcourse as per documentation the seller should have given me biana for biana, but nothing happened. I could have taken them to court, but didn't have the time, nor found it to be worth the effort. In fact I had to get some "pawa" in to recover my original amount which the dealer and seller was not returning as well. Thankfully the loss was minimal, but now I only invest in DHA with trusted people, even if it means paying some extra.
In short don't trust on any documentation for property deals in Pakistan, they are not worth the piece of paper they are written on. Always trust your gut feeling, be patient, don't rush, and only work with people who you can rely on. By default assume everyone is ready for an opportunity to con you out. If it's too tricky for you, then throw in the towel and rather invest in junk bonds, They give similar returns with comparable risks to property business in Pakistan. Your hard earned money should not be for loot mar by thugs. Basically when you are investing in property, you should be willing to loose a little every now and then to gain more in the long run. Also don't listen to people who lure you in with the dream of windfall profits, but give you no fore bearing of massive losses if you don't play carefully. Usually these people have their own vested interests to lure you in, and rob you out.
Mr.Hisham and Mr.Bilal, many thanks for sharing your insight regarding this issue. I am sure it will benefit all members very much.You have really provided an invaluable knowledge about this serious issue.Stay Blessed.
I have known a person being an overseas Pakistani and owner of a lucrative 2 kanal Plot at a posh CDA sector of Islamabad.A group of classic con men prepared fake power of attorney presumed from actual owner , got it registered after greasing the palms of Registrar office and then sold it to another innocent overseas Pakistani from USA who permanently shifted back to Pakistan.The lure in the whole story was almost 50 % reduced price than the market rate.He took the bait and wasted his heavy amount of about Rs.60-70 lacs on a phony deal.When CDA wrote to actual owner reg transfer of plot. He was stunned and the whole fraud came to light
Result :-
a. Group of Con men faced few Police cases of cheating n fraud....but came out of jail on zamanat after some time and were set free.
b. The innocent buyer / mark lost his life savings and became a patient of chronic depression.
C. Actual owner had to permanently keep a chokidaar on his plot...increasing his un-necessary expenses on his property.
D. No one captured that Sub-Registrar who prepared fake General power of Attorney as he took the advantage of loop holes in the Registeration Act of Colonial times.
I hope members will spread the word and will remain careful.
Regards.
