Can Overseas Pakistani buy property in Pakistan?
If you are an Overseas Pakistani who wants to invest in Pakistan’s real estate industry, now is the time to do so! The graph for the property market is rising due to the government’s efforts to make it easier for Pakistanis living abroad to invest in real estate. Aside from that, thanks to technological advancements, particularly the ever-increasing infiltration of social media into our lives, nothing can be kept concealed from the public eye. It implies that prospective international purchasers can learn every detail about investing in Pakistani real estate without ever leaving the comfort of their own homes. You may virtually visit the land you have your heart set on by watching YouTube videos, reading Facebook reviews, and looking at a series of photographs on the internet. However, before selecting a property to invest in, make sure you have done your research. Performing this duty demands extensive research, a sharp mind, strong analytical abilities, and a third eye that can detect any form of fraudulent activity. Here are a few suggestions to keep in mind in this regard:
Important Investment Advice
Let us first go through some real investment advice for Pakistanis living abroad.
Is this a risk-free project in which to invest?
When thinking about buying a home, the first thing that comes to mind is whether or not a particular housing project is a good investment. The administration of municipal authorities such as the Capital Development Authority (CDA), the Karachi Development Authority (KDA), and the Lahore Development Authority (LDA), as well as regulated administration bodies such as the Defence Housing Authority (DHA) and Pakistan Armed Forces (PAF), ensures that an investment is a safe bet for investors. Additionally, determine whether or not the appropriate government agencies have approved the residential development. If a project is still seeking clearance from the government, this should be enough to raise red flags for prospective buyers. In most cases, a lack of support indicates that the appropriate authorities have terminated the housing proposal. As a result, only well-known and approved projects are the best bets for investors.
The Builder’s track record should be inspected
If the developer or builder is a well-known player in the real estate sector with a track record of successful home projects, you can put your trust in them blind. Rufi Builders, Saima Group, and the Pakistan Navy have completed large-scale residential projects in the past few decades. As a result, you can make investments in the numerous housing alternatives that they have available. The majority of the time, a reputable developer will provide an estimated completion date for the project. You can judge based on how well and swiftly they are working on a current project; this will assist you in determining whether or not they will produce on time. To make an informed selection about a property, whether to purchase or rent, the rule of thumb is to base your decision on what you observe rather than what the seller or landlord promises to deliver. Ask yourself the following questions: Is there access to electricity, natural gas, and potable water? How reliable is the fundamental infrastructure, such as roads and drainage? What mode of transportation do people use? Is the security system up to date and functioning correctly? Is it a no-load-shedding zone, or what?
Beware of fraudulent activities and scam methods
Engage the services of a legal service that can perform the background checks on your behalf. Find out as much information as you can about a real estate developer and keep it all in one place. Here is a checklist to consider before making a purchase decision:
- Before purchasing a home, make a thorough examination of all of its elements.
- Consider the following essential checklist before purchasing a property.
- Layout and construction plans that have been approved.
Most credible initiatives include a formalized plan or design that potential customers can examine. However, it means that all of these layout proposals must be approved by the appropriate government agencies.
Historical record of the ownership of a piece of property
It is critical to obtain documentation demonstrating the developer’s previous ownership of the property you are purchasing. All legitimate developers will have formal records of their current and former projects on their computers or in their possession.
Seller of the property should own the property in black and white
Investing in real estate is a significant decision for purchasers of all backgrounds. Given that it involves a considerable amount of money, you should make sure that you demand and verify official documentation that demonstrates that the seller owns the real estate being offered for sale.
All outstanding debts owed on the property have been satisfied
Don’t purchase anything if you have outstanding payments, such as electricity bills and property taxes, to pay. You should avoid dealing with a seller if they are willing to place this financial weight on your shoulders.
Insist on receiving the original copy of the registry
Even though we have already highlighted the necessity of documentation, this section deserves special attention. Always insist on seeing the title paperwork and the letter of assignment. Make duplicates. It is always good to scan and save any such documents as soon as they are received.
Investment Opportunities for Overseas Pakistanis
The government of Pakistan has established an entity known as the Overseas Pakistani Foundation to assist Pakistanis living abroad (OPF).
Association with the Overseas Pakistani Foundation
Non-resident Pakistanis can join the Overseas Pakistani Foundation, which is based in the United Kingdom. On their official website, the Overseas Pakistani Foundation explains how to become a member of the organization.
The Overseas Pakistani Foundation has a website that lists all of the overseas Pakistani who the Protectorate of Emigrants has granted a valid work visa, Bureau of Emigrations & Overseas Employment (BE&OE), and Overseas Employment Corporation (OEC) since the 23rd of March 1979, and who have registered with the Overseas Pakistani Foundation and are eligible to use its services. If any Pakistani living overseas is not already registered with the OPF, they can pay PKR 2000 to the organization. You will continue to be an OPF member for as long as you are away from home.
Reasons for Overseas Pakistani to invest in Pakistan
For Pakistanis living abroad, it is now much easier to invest in any business. The Investment Policies and Acts of the OPF are available in full on the organization’s official website.
It is one of the most compelling reasons foreigners invest in Pakistan, as the country is experiencing fast economic development. Overseas Pakistani make investments in Pakistan in a variety of industries. There is something for everyone from agriculture, retail, information technology, and telecommunications, electricity and energy, mining, textiles, textiles, pharmaceuticals, and automobiles to financial services. For Pakistanis living abroad, the investment environment in Pakistan is ripe with numerous options. A detailed set of policies and laws have been made available by the Investment Facilitation Center of the OPF.
Important legal guidelines for Overseas Pakistani
Property investment for Pakistanis living in other countries has become increasingly simple. The Foreign Pakistani Foundation (OPF) has provided extensive financial and legal recommendations for overseas Pakistanis interested in investing in Pakistan. When doing financial transactions with business partners, always use legal methods to protect your interests.
Before investing in a new firm, double-check all of the relevant paperwork. It is preferable to visit the actual site before deciding on whether or not to invest. Prepare a written agreement that outlines the rights and responsibilities of all shareholders, investors, and business associates. This partnership agreement must be signed in full by all parties involved.
Once that is completed, you must register it with one of the government’s business regulatory services, such as the Federal Chamber of Commerce and Industry (FPCCI) or the Securities and Exchange Commission of Pakistan (SECP)
Never give somebody a General Power of Attorney without their consent. Instead, only a Special Power of Attorney with a defined purpose should be assigned if required. Keep in mind that the holder of a General Power of Attorney has complete legal authority, including the ability to sell the property without the owner’s knowledge or consent.
Don’t sign any blank pieces of paper
Give no one, under any circumstances, a copy of your national identification card (CNIC or NICOP) or any other significant identification document for any reason. Instead, mark it with a cross whenever it is essential and write the reason for the cross on it.
Guideline for Buying Property in Pakistan
If you intend to purchase property from a private housing scheme, check with the local regulatory authority, such as the Lahore Development Authority (LDA), the Malir Development Authority (MDA), the Faisalabad Development Authority (FDA), the Rawalpindi Development Authority (RDA), and the Capital Development Authority (CDA), to ensure that the housing project has been officially approved. Would you mind inquiring with the housing scheme’s administration about whether they will transfer the land into your name or give you the allotment? The OPF recommends that the land be transferred into your name rather than someone else’s. If you are purchasing a property from an individual, check with the local authorities to see if the seller has a registered title to the property.
Once you have purchased a property through a Registered Sales Deed, be sure that a mutation is placed in the land record to authenticate your property ownership; otherwise, only the sales deed will serve the purpose of establishing your request. Open plots are the most vulnerable to illegal possession, so the OPF recommends that you build a boundary wall with a gate to protect your property. Before purchasing a piece of real estate, place an advertisement in your local newspaper.
House hunting is a time-consuming endeavor. If you want to make a good purchase, you should look at Estate Land Marketing. Continue to follow the Estate Land Blog – Pakistan’s most comprehensive real estate company– for more real estate-related analyses, ideas, and suggestions.