mid-day editorial: NAINA investors, keep your eyes open for fraud
Those investing in real estate around the Navi Mumbai airport have been warned. As the much awaited Navi Mumbai airport inches towards becoming a reality, construction projects are also mushrooming in the area
Those investing in real estate around the Navi Mumbai airport have been warned. As the much awaited Navi Mumbai airport inches towards becoming a reality, construction projects are also mushrooming in the area. But as a report in this paper pointed out, most of these construction activities are illegal, as the builders have not adhered to the mandatory NAINA compliance.
The authorities have warned the public to be cautious before making any investment in such projects, and first verify their compliance status on the NAINA website linked through the CIDCO portal.
People must realise that though the builder may offer incentives and there is a big lure of property value booming once the airport is complete, the onus is on them to read the fine print. It is no use pushing the blame on others, or crying over spilt milk once the investment is done.
Today, the Internet is a valuable and accessible tool for fact-checking. Do some research yourself. While every report on the Internet may not be credible, there are plenty that can alert you to a possible scam or bogus claims. If you have the means, take the investment papers to an expert or lawyer. Look at past records, there are a slew of reports about illegal constructions mushrooming all around the airport.
For years now, the Navi Mumbai airport has been a juicy carrot dangled before buyers. NAINA was created on the condition that Navi Mumbai’s development plan be revised to avoid haphazard growth around the airport. However, this seems have borne no fruit, with illegal projects littered across the area.
Approach the authorities in charge of clearance to check about projects. Above all, keep your eyes peeled for any inkling of fraud, and don’t bite the bait if your intuition tells you something is wrong.
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