The Real Estate Sector of Pakistan is in the growing stage, and those who are investing in the real estate sector will surely get high returns on investment (ROIs). So, if you are living abroad and wondering can overseas Pakistanis buy property in Pakistan, then BBs Marketing is proud and happy to announce that overseas Pakistanis can buy property in Pakistan Plot in Pakistan.
In Pakistan, we currently face a shortage of over 1 million houses, and this gap is widening by the day. With the right approach in place, however, a bright future for the country’s real estate sector is virtually guaranteed. In this respect, the current government does seem to be checking all the right boxes – particularly in terms of policy proposals and enforcement.
This guide walks you through the details on buying a plot in Pakistan for the first time. Here, you will get the full details on:
The preliminary requirements (for securing a piece of land) –
>Sifting through the right options for buying a plot in Pakistan
>Checking NOC and related approvals
>Focusing on the small details to steer clear of property frauds
>Inquiring about the deadlines (and other specific details)
>Confirming prevalent market rates
>Settling the estate agent’s commission
Transferring property ownership in Pakistan Plot in Pakistan
>Applying for an NDC
>Finalising a Property Purchase Agreement
>Working out the mode of payment
>Paying the taxes due
>Making payment(s) for the plot
>Paying agents’ commission
>Collecting the Allotment Letter
THE PRELIMINARY REQUIREMENTS
This part pertains to researching and verifying certain claims. Additionally, following the advice given below will help you to avoid experiencing the common variety of property frauds.
SIFTING THROUGH THE PLOT OPTIONS ON OFFER Plot in Pakistan
Opting for a low-priced unit often figures as the first priority of genuine buyers. This practice, however, can be deadly, as lower price tags can tend to lower their further sales potential. It can also out buyers at a risk for property fraud.
Therefore, we highly recommend that you pick projects owned by reputable developers. Furthermore, you should always pay the site a visit – before putting your money on the line. As a further check, read our guide on what kinds of plots you shouldn’t go for in Park View City .
CHECK NOC AND RELATED APPROVALS Plot in Pakistan
As of the time of writing this piece, the public authorities concerned are investigating a number of housing schemes to verify their approval status. These include several residential projects awaiting approvals from development authorities and utility service providers. So our advice for whenever you are faced with the prospect of investing in such schemes: avoid making any purchases for the time being.
Specifically, the Lahore Development Authority (LDA) cautions buyers against the project marketing gimmicks and expensively cut brochures of these projects. The authority, in fact, explicitly insists that buyers verify the complete details of their society’s approval status.
As a further safeguard, you should always reach out to the Revenue Department’s office to verify the status of land owned by the project developer you’re interested in working with. Needless to say, any verbal securities, in the absence of definitive tangibles (project approval documents), should also be guarded against.
Be watchful of property fraud
These days, most housing scheme brochures are largely dominated by a medley of high-resolution project pictures. Additionally, they devote some space to the facilities on offer. When you visit the site, do check if the society actually has these claimed provisions in place – on the ground.
If the society is in its development phase, the amenities promised may not be available yet – which is ok. But in such cases, you need to verify if the developer has plots reserved for these facilities. If not, mark the situation as a red flag, and conduct further inquiries.
If your payment plan falls short of these particulars, demand these details in writing.
Obtain a signed document from the developer which explicitly states that the communicated payment plan is inclusive of all the charges mentioned. This certificate forms a vital part of the property purchase agreement in Pakistan.
CONFIRM MARKET RATES
Based on the individual society plan, property price can vary from one project to another. So this may work well in the case you pick a plot in some developed project. If yes, you must inquire about the prevailing market rates Plot in Pakistan.
For this purpose, get in touch with a couple of property agents. You can enquire about market rate of a similar or same plot from various source. Please note, there is always a room to bring asking rate down by 10% to 15%. Therefore, negotiate on it.