One of the downsides of the real estate industry is fraudulent and illegal schemes. Buyers often land on the wrong side of these scams and end up losing money. In recent times, local development authorities have been actively working for solutions to overcome this problem.
In this regard, the Lahore Development Authority (LDA) has issued a checklist for property buyers to determine the authenticity of any private residential project.
The LDA checklist for property buyers against real estate frauds includes:
• Approval by relevant authority
• Approved layout plan
• Scheme’s total number of offered plots
• Number of plots, along with their sizes, demarcated
• Number of 20% mortgaged plots
• Purchased plot to be part of approved layout plan and
situated within the approved land area
• Purchased plot not to be mortgaged to the development
authority
• Demarcation of public utility plots
• Purchased plot not to be demarcated on land allocated
for public utilities
• Project is free of any court cases
The aforementioned LDA checklist for property buyers further advises to visit project sites personally, know plot possession dates, be aware of any charges to be paid at the time of possession, and to keep copies of stamped receipts and contacts.
Property buyers can also visit the LDA one-window facility to find more information on any private residential scheme.