Buying property has never been easy in Pakistan. Sometimes, it becomes an uphill task to buy a property in Pakistan, especially when you have never bought any property before. Many people go to the dealers with money in their pockets and end up getting conned.
Real Estate is one of the largest sectors of Pakistan with trillions of rupees of investments, it has never been regulated by any of our Governments. This leads to the malpractice and unavailability of authentic information. Therefore, people should do thorough research through all available means before entering into any transaction. The various property scams in Pakistan are selling duplicate files, selling encroached land, selling illegal society or projects, selling fake registration forms, selling files without actual land.
Many big private companies and government authorities were found involved in the property scam in the past few years. In government projects, the only risk involved is of time, so the only loss you get is of opportunity. Whereas, in private projects, you can lose all of your money unless you have the power to take your case to the court and fight until the issue is resolved.
The investments in real estate can either be good or bad. A good investment can earn you a fortune while a bad investment could be stuck for a long time without any gain. As an investor and client, you cannot always make good decisions but you can always minimize the risk by doing some research on the project and the dealer prior to your purchase decision.
Before investing or buying any real estate property, make sure to follow the basics:
- You should know the Sponsor behind the project such as DHA, MCPHS, etc.
- You should know about the complete detail of the project such as the total land area of the project and it’s NOC. You should also crosscheck these from the relevant department like LDA, KDA, RDA, and CDA, etc.
- You should know about the location like a direct approach, additional features, and surroundings, etc.
- You should know about the master plan of the project or society.
- You should know the developer of the project or society.
- You should also check the market prices of the relevant property which you are buying.
- You should also be well aware to check the copy of the documents of the property you are buying.
- You should also meet the owner to avoid any high commission margins.
- You should just pay 5 – 10 % Bayana in order to finalize a deal and always pay Bayana in the form of a check or pay the order.
- You should demand a copy of the sale agreement at the time of transfer. The sale agreement is not useful for you but it’s good to have all the documents in record file.
