KOCHI: A sudden increase in the number of scams in the real estate sector has made the investors and buyers more conscious. This is evident from the fall in the number of people attending apartment exhibitions.Narayanan S, who recently invested about Rs 18 lakh on a flat booking, said, "I was one of the initial buyers. A few days later, I went and booked the flat. They made me feel that this was the best investment I could make. There were at least six to seven bank counters in the room. They had set everything up so well to be believable and I paid the entire 18 lakh they asked for.”However, some people were a bit more conscious. Sudhakaran, a retired government official, said that he considers himself lucky to have invested only Rs 3 lakh for the apartment, as many others who booked apartments with him were cheated by the builders. “They had asked me for Rs 10 lakh, the exact amount I got as my retirement pension,“ he said.Generally, most of the apartment buyers are either middle class families or NRIs.“Usually, NRIs feel that owning a flat in Kochi is one of the best investments possible. And, the middle class families are those who usually don’t have a home of their own and are willing to spend all their hard-earned money in purchasing a flat in Kochi,” Advocate Jacob Mathew said. Among this crowd, are also widows, retired officials and many others who have spent all their savings in the pursuit of a dream home. Advocate Jacob added, “Usually, some people don’t even ask to see any of the models the builders have made. They easily fall for just a sketch or an advertisement of the flat they have been promised.”It is time the government takes the necessary steps to protect the people from being cheated by such frauds. “A bill stronger than what is being formulated presently should be formed to safeguard the rights of such people. It should regulate the actions of the builders and ensure that the buyers are protected,” Jacob added.
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