I’m about to purchase property in Pakistan but I hear many stories. How can I be safe against fraud? Any tips…
Salam Ali,
Being a Pakistani, I always encourage investment in the Pak land. Please stop worrying and invest your hardly earned money in some authentic housing scheme... Well, Bahria Town is on the top at the moment. Please visit the link below:
Regards
Don't worry Sir, select the City and Society/Sector and post here name. We all Readers will guide u. Rare chances of fraud if invest after complete market survey and adopt standard procedures for payment to seller.
Mian Nadeem
It is true that many stories are heard by Pakistanis based abroad of people that had been swindled from their money, however the reality is that the situation is not as bad as it would appear. Try to avoid buying open land and buying in housing schemes and also do your due diligence carefully. Through these 2 measures alone you would have reduced the chances fraud significantly.
The biggest thing you need to worry about is rate of exchange. Govt seems to have no control of dollar . If you buy today for 2 million then it might be 3 million in couple of years but dont forget to calculate Inflation rate.
AnyHow ..Societies like Bahria Town r quite good for overseas if you visit BT 1-6 you ll see so many overseas people living there
Dear Ali:::::
Most important thing is to use your common sense. Get rates from a number of dealers, and compare them before making any decision.
Regards
There are many stories heard but the reality is not as bad as it seems. By not buying open land (buying in housing schemes) and doing your due diligence you can substantially reduce the risk of fraud.
You are the right place to get all the advice you can for staying safe while making real estate investment.
Samra:
You are right, the new players into the field of real estate can get very good insight into this field here on Zameen Forum. Regards
Thanks for good suggestion which are helpful for novice ppl.
@Main saab, what is standard procedures for payment pls?
@Arshad What is open land pls?
cheers
Hi this is an interesting discussion shaping up there is a saying big money always have an injection of haram/fraud/ somewhere can someone especially from the experts start a forum discussion on what frauds / malpractices are/ were done in real estate business and how to do/ sorry avoid frauds in re estate
mohd
Check the origional dociuments and owner CNIC before finalising the deal. If owners are more than make sure all sign the agreement.
Step 1: Token money 25000 by check or pay ordfer and prepare agreement.
Step 2: Ownership varification from CDA DHA Bahria etc
Step 3: Down Payment by pay order about 10 to 25% at the time of signing agreement.
Step 4: Submission of request for transfer date to concerned authority.
Step 5: Make pay order of final payment. Provide photo copy to seller one day before.
Step6: Hand over Final payment pay order to seller at the time of transfer.
Try to aviod obtaining unnecessary time for final payment. If u have amount in hand finalise deal in minimum possible time.
In CDA u can get transfer letter of plot within 24 hours after paying 10000 in addition to transfer fee.
Mian Nadeem
Open Land
Where individual owners sale plots on registry. No proper defined places for parks Graveyards etc. U can buy as much as u require.
In Islamabad Bani Gala , Bara Kahu are examples.
Mian Nadeem
Dear Mian, I want to buy in Bani Gala - can you guide me?
Brilliant discussion going on here. Pakistan real estate offers all the reasons for you to invest here and the expert here will make sure that you sail safely through that.
Mian Mohammad Nadeem Sahb, Amir, Dr. Musi, Ihsan, Farhan Asad, Arshad, and Ali Ahmed, thank you all for adding your bit in helping Ali Ahmed Sahb. I am glad Zameen.com is blessed with contributors like you guys.
Regards Samra Zulfiqar
Dear Ali, The first principle to remember is market value! Anything offered cheap or less than current market value has most probably a sting hidden somewhere. Try to deal only in clean properties.
Thanks Samra, for mentioning my name at least…