Be Infra Scam Smart - Real Estate Tips - 0 views
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dreamz infra on 15 Aug 13Consider this property advertisement: "A 2-bedroom-hall-kitchen apartment in New Cochin for just Rs.7.99 lakh. And not just that you will get a home loan of 80% for the property." Sounds attractive, doesn't it? No wonder thousands, including non-resident Indians (NRIs), fell for it. Unfortunately, it turned out to be a huge property scam and investors lost close to Rs.1,000 crore, according to various newspaper reports. The advertisement-posted online by Kerala-based developer Apple a Day-promised villas and apartments in the heart of Cochin at attractive rates. What went in favour of the developer were a couple of completed projects.