Beware of real estate scam

4 April, 2021 12:00 AM printer

Prevalence of fraudulent real estate companies has always been a cause for concern for those wishing to have a long-term asset and a house to call their own. There is a dire need for housing in megacities like Dhaka. Capitalising on the growing demand, a section of fraudulent housing companies is swindling unsuspecting people out of crores of taka in the name of selling plots at a throwaway price on the outskirts of the capital.

According to a Daily Sun report, a so-called housing project named Welcare Green City has set a cobweb of deception and lies to deceive people. Quoting sources the report says, Welcare Green City project is yet to be approved by RAJUK and the Department of Environment. But the so-called realtor has been publicising brochures, leaflets and signboards claiming that its project is registered with RAJUK. What is outrageous more is that the company is reportedly circulating a registration certificate which is actually not the approval of the project.

Many are falling prey to the company’s dubious offer of plot at throwaway prices and publicity stunt in social as well as traditional media. Moreover, recently it was also allowed to organise a four-day fair in the city’s Uttara. Although the law prohibits advertising projects before getting approval from the authorities concerned, we cannot but wonder how the company in question is trampling upon the law.

Apart from illegality of promoting unapproved projects, the company is amassing a fortune by conning people which must be stopped forthwith and punished in accordance with the law. At the losing end of this scam is unsuspecting people. No doubt, there is a need for planned housing, but that can be met lawfully. In fact some real estate companies are doing so with repute, but the fraudulent companies are earning a bad name for the entire real estate sector. As long as the fake companies are not awarded exemplary punishment, more and more people will fall victim to their scams, and probably, will lose the savings of their whole life.