Introduction:
Land is usually a good investment. However, before engaging in any type of deal, ensure that you are informed of the true worth of the land. It is fairly usual in Pakistan for merchants to propose higher rates and rob consumers of their hard-earned money. In Pakistan, we now have a housing shortfall of over one million units, and this gap is growing by the day. A bright future for the country's real estate sector, on the other hand, is almost certain with the appropriate methodology in place. In this regard, the present administration appears to be ticking all the correct boxes, particularly in terms of policy suggestions and enforcement.
Residence in developed cities:
Individuals try to prioritize living in these cities because of well-educated people, I. T experts, technological grooming, and healthcare facilities so that they may live a pleasant and comfortable life with peace and money.
If the sponsor is a reputable individual or corporation, there is a significant chance that the developer will be as well. Nonetheless, it is critical to learn about the developer. If the developer is respected and previous projects have been completed, you may inspect the construction standards. If the conditions are appropriate, put it on your white list; otherwise, put it on your grey list.
Plots in developed areas and community:
A master plan, according to the World Bank, is a transactions and processes planning document that offers a conceptual framework to steer future growth and development. A master plan contains population, economics, housing, transportation, community amenities, and land use analyses, recommendations, and ideas for a place.
It is critical that you comprehend the site's master plan after seeing the place. Take your time and learn everything you can about the master plan. A well-thought-out master plan is both practical and fruitful.
It is frequently observed that the majority of the business classes seek to settle in emerging countries in order to make rapid advancement.
Commercial importance:
Make sure you complete your study before purchasing any asset, whether it is a land, a house, or an apartment. While conducting your background research, keep your eyes and mind open. You must be well-versed in real estate. Sometimes it is preferable to invest in a parcel of land, while other times it is far better to invest in commercial property. All of these selections are heavily influenced by economic conditions as well as your wealth.
Plots on installment:
Among these are a number of residential projects that are awaiting permission from development authorities and utility service suppliers. So, if you're looking to get plots on installments in Lahore by considering such schemes, our suggestion is to hold off on making any purchases for the time being.
The Lahore Development Authority (LDA) specifically warns consumers to avoid project marketing techniques and expensively cut pamphlets. In reality, the government expressly requires buyers to confirm the precise information of their society's approval status.
CONFIRM MARKET RATES
Property prices might vary from one project to the next depending on the specific society plan. So, if you choose a plot in a developed project, this may work nicely. If so, you should find out what the current market rates are.
Contact a few real estate agents to help you with this. You may inquire about the market value of a comparable or identical plot from a variety of sources. Please keep in mind that there is always the possibility of lowering the asking price by 10% to 15%. As a result, bargain about it.
When the market is devoid of active buyers, the margin for negotiating rates grows. Before making a final offer, take these variables into account.
Fix the agent commission
Typically, real estate brokers charge 1% of the property's value. If just one agent is engaged in the transaction, the real estate agent is obligated to receive a 1% commission from both parties. This, however, is not applicable in all circumstances. Some agents operate on a 2% commission, while others work on as little as 1%. In certain cases, real estate agents set the commission rate.
The agent's commission margin is heavily influenced by the buyer's negotiating ability. It is very advised to agree on the commission rate ahead of time. A buyer, on the other hand, has no right to pay an agent anything other than his commission.
Transfer of plot
- The selling party is required to follow the legal property transfer procedure. However, it is probable that the method will differ from scheme to scheme. However, the techniques used to document property agreements are rather consistent across the country. Typically, the following documents are required for plot transfer:
- Original allotment letter
- Transfer application form
- Attested photocopies of buyer’s and seller’s CNIC
- Attested photocopies of two witnesses
- NDC
- Transfer affidavit and its two attested photocopies
- Affidavit by the buyer
- The Agreement to sell a plot
- Membership application form along with two passports sized photographs of buyer
- Original document of the statement issued by the account office on payment of dues
All of these documents must be provided in the presence of both the buyer and seller. Following submission, the buyer will be advised on the issuing of an allotment letter. Under certain circumstances, the buyer may be required to fund the cost of issuance of an allocation letter.
Collect allotment letters
Housing society unions typically need six to seven working days to issue allotment letters. However, the option of obtaining it quickly by paying an extra fee is always available. After you have obtained the allocation letter, your first objective should be to secure it. If you misplaced it, you must go through the re-issue process for the lost document. No one likes to go through the procedure since it is both frantic and slow.
Conclusion
Plots are available in a number of sizes and shapes, making them appealing to a wide range of investors. Whether it's a residential, commercial, or mixed-use site, the demand and availability are growing by the day. With new building and projects springing up in major cities, the number of plots for sale in Islamabad, Lahore, and Karachi, among other major cities, is rapidly increasing.
To ensure the success of their deal, one should take care and caution with a strategy in mind at every step of this process; from determining the purpose for which they are buying a plot, educating themselves about the area, making predictions to the success of their investments as well as anticipation of things going wrong and keeping a plan B.
