It is a famous anecdote that ‘behind every great fortune, there is a crime’. If we relate it to the real estate industry of Pakistan, it would be quite safe to claim that ‘behind many great fortunes, there is the Real Estate. Pakistan holds immense investment opportunities in this regard with promising appreciation and profits. Presently, the housing and construction sector has become the top investment tier for overseas Pakistanis as they consider it the safest preference for their hard-earned money.
The Technological Aspect
The property trends in the country have shown remarkable progress because of the government’s policies to uplift the economy by enhancing foreign exchange generation, which is why there are numerous opportunities for overseas Pakistanis to purchase and invest in property. Furthermore, a set of streamlined policies and one window access programs are also in progress to facilitate the residents outside Pakistan in this regard.
Technological advancements have eased the process of property hunting; a Pakistani residing in the US can have access to local market trends, making his property search easy and handy.
The YouTube informational videos, review pieces, evaluation data on web, property advertisements on social media are the perks, a person can enjoy without relying on anyone. Although the prices of property in Pakistan are skyrocketed the depreciation of the rupee viz-a viz-dollar has made it easy for expatriates to lock a deal at home.
A Big YES
It is now quite understood that overseas Pakistanis can purchase and invest in property while residing outside, there is a need to follow a checklist before investing in any particular property.
Points to Ponder
Following are some important pieces of advice that ensure a safe deal:
- Is the property that you intend to buy fall in the jurisdiction of administrative authority?
- Did the authorities like LDA, RDA, and CDA approve its layout plan and issued NOC?
- What’s the consumer trend towards a society that makes it credible?
- Do the government websites clarify its legal status?
- Does it follow Registry format or Mutation?
- How credible is the profile and track record of the builder?
- Does the society have possession of all the paper record and official documents?
By carefully hunting answers to the aforementioned questions, the property you’re interested in will definitely make you legally safe to own and construct.
There are also many real estate agents available online who provide their services that might help you in evaluating different options.
The Needed Documents
Now, after the pre-purchase formalities, there is a need to know what documents are necessarily required before any purchase while being outside the country.
- Photocopy of recent passport clearly showing your credentials.
- A copy of NICOP (National Identity card for overseas Pakistanis)
- A copy of the last entrance stamp page of your passport
- Your passport size picture with blue/white background.
- Details of your family members along with their passport-size photos.
- Digital signatures/thumb impressions, if asked.
- Signed and attested affidavit between buyer and seller.
- Duly signed an agreement stating all the minor and major clauses.
This documents checklist would help you to avoid any hindrance in your deal while also helping you to claim legal ownership over the property you purchase.
Legal Guidelines
Since the overseas Pakistani readers have mastered the rule of thumb before buying any property in Pakistan, it is also advised from the platform of ProProperty to follow certain legal guidelines in this regard;
- A membership of the overseas Pakistani Foundation (OPF) which would allow you to enjoy certain facilities solely for people residing outside Pakistan.
- Always use government-recognized transaction channels for transactions and avoid methods of Hawala/Hundi etc.
- Verify all necessary documents of the property through various channels, websites, advertisements, and from relevant authorities.
- Never trust the words and trust what’s visible to you throughout every phase of the deal.
- Always mention the purpose of your ID card copy before sharing it with anyone.
- It is always advised not to sign an empty paper or share your digital signatures with unauthorized people.
- Keep the power of attorney safe with you until and unless you genuinely intend to transfer or sell the property.
- Ensure your property is registered with FBR, SECP, etc. which would keep you updated with the financial status of your property.
Final Word
In a nutshell, it is now evident that buying a property in Pakistan is not a problem for overseas Pakistanis rather it just demands patient decision making avoiding haste at any stage of the deal. The idea of buying property hence is of more legal nature rather than technical. Just follow the said steps and you’re good to go.
For further queries regarding investment options, reselling your property, or other related concerns, visit our Blog section to get all the recent updates.
