Are you willing to invest in real estate in Pakistan? You should gain some information before making an investment decision. You might encounter frauds and scams excessively taking over the real estate investment industry. So be care full!
Now, what are the prime reasons? There needs to be more availability of functioning authentic regularity bodies, lack of know-how, high-interest rates, economy, and political conditions.
In other parts of the world, like Europe, America, or Asia, there are particular rules and regulations applicable. Even the functioning bodies in the real estate have a license to perform their respective duties.
Moreover, Property listings are available on professional websites. These are dedicated to providing clear pictures and prices, trustworthy advice, legal assistance, authentic surveillance, and know-how for real estate property existence. Be it commercial or residential.
Meanwhile, in Pakistan, property businesses have no restrictions. Anyone can be a self-sufficient or self-proclaimed real estate agent and start giving services with or without authorization or license.
Such services bring out unforeseen malpractices. People get inappropriate and unauthentic advice. A lot of scams bag out the capital of ordinary people. They get robbed off their hard-earned savings.
In addition, in Pakistan loads of paperwork hinder the procedures. If an individual misplaces the documents, they will have repercussions. In the real estate industry, such ill services create trust issues, failed policies, and slow and insufficient transactions.
Real Estate Investment in Islamabad
To solve the problem, real estate in Pakistan follows the framework of OADD (Ownership, Approval, Demand, and Delivery).
OADD (Ownership, Approval, Demand and Delivery)
Let us understand what this abbreviation is. This framework aims to provide safe, secure real estate investment opportunities to the general public interested in real estate.
Real estate investment in Pakistan is complicated. So, if you want to make the most of your investments follow the steps aligned in OADD.
Do research, and get in touch with advisors, realtors, commercial and residential property consultants.
Due diligence is supposed to be done by hook or crook in real estate industry. If you have decided to invest, then surely get certificates of verification, legal documentation check out, and the ownership of the property.
You should consult the real estate property authentic policymakers and authoritative bodies, like CDA, RDA, LDA, and KDA. These property dealing authorities will help you avoid fraud.
The first step is to verify the documents with local municipal cooperation and land registry office to find the data and information if the property needs to be registered, so tracking the owner would be hard and impossible.
Now, in Pakistan, we have an organized platform for property verification. It is known as Propsure -Be Sure (Online Property verification service). This digital platform ensures the guarantee for any property being registered with the legal authorities.
So, it’s easy, feasible, and quite reliable to get verification of any property investment in Islamabad, Lahore, Rawalpindi, and any other city in Pakistan.
In Islamabad, the real estate properties are mostly authorized by CDA, but still, a couple of projects and schemes do malpractice. Why are we emphasizing its approval from regularity authority?
As Around 54% of real estate property projects are not registered and approved by CDA.
Suppose your property is not approved so that it will lose its economic value and future worth.
All such projects and property investments in Islamabad or any other part of the country should be approved and registered with legal authorities. As otherwise, it would be considered as part of fraudulent schemes.
There are almost 14 NOC documents that are essential for any real estate investment and Property investment in Islamabad.
The list for NOC is here mentioned below.
- Ownership documents approved layout plan or site plan of the project
- Development project initial planning permit
- Approved letter from Design Venting Committee (DVC)
- Building plan approval letter from Building Control Directorate, CDA
- Approved building plans vetted by the relevant authority
- Third-party vetting certificates
- Access road approval from CDA (where applicable)
- Approved letter from National Highway Authority (NHA), in the case of GT Road
- Height clearance certificate from Civil Aviation Authority (CAA)
- Utility connection approvals
- Approval letter for firefighting system
- Approval from Pakistan Environmental Protection Agency (Pak-EPA)
- Building completion certificates
Checking out the history of the real estate developer is essential. Suppose the property builders has yet to deliver any such project before. In that case, the organization is not to be trusted as delivery is the critical fact that would show the project’s reliability and how authentic the investment property project is.
It will highlight the fact that they are reliable enough to invest in their future projects.
The most effective pointer to notice is whether this is a highly demanded project or not. On-demand depends on the price and value of the property.
The project’s location affects the demand for property investment in both commercial and residential properties. Hence, the more the demand so will be the face value of the property.
So, if you want to invest, look for the following facts toassure all your queries and doubts. It will help and guide you to invest in the most reliable real estate property without falling into the hands of malpractices.
How to invest, right?
- Ideal Location.
- Approved by Legal bodies.
- Top-notch amenities.
- Project time-duration.
- Economic factors.