Remedies if broker sold property at higher rate

I request you to kindly let me know if anything can be done if a broker sold us a property at a price higher than what it should have been sold at. A little high price of a few thousand is still understandable in the name of profit but what about lakhs? Just because there was no one with us he took an undue advantage of the opportunity and sold us a property of 14 Lacs at 16.25 Lacs. We realized this a few years later when the neighbourhood people told us that we got cheated by the broker.

Answers (3)

127 votes

Dear Sir/ Mam,
If you could prove in the court that the broker cheated you by causing misrepresentation of the price of the property then only you are having a case. otherwise, you could not have any criminal/ civil action against the broker.

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321 votes

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126 votes

You may file criminal case of cheating under the IPC against the broker in the court within which the said property you have been cheated with is situated.

The relevant section of IPC herein are section 405, 415 and 417. The said person can be fined for the said act or be jailed up to a period of 1 year.

You can ask for the said amount along with interest at 18% from the court.

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