When discussing scams in Pakistan, the risk extends to every Pakistani, especially in the absence of on-ground research and a proper channel to address the issue. We frequently hear news through TV channels or from others, revealing how many individuals, agents, and even societies have been involved in scams, deceitfully looting the hard-earned savings of their fellow citizens. This risk is particularly pronounced for those personally engaged in buying or selling ventures. Moreover, the realm of digital scams seems to be an endless list of threats, adding to the complexity of the issue.
If Overseas Pakistanis fail to adopt a proper approach when making real estate purchases, they might become highly vulnerable to falling victim to fraudulent activities. To safeguard themselves, it is essential to conduct thorough research before finalizing any land acquisition within a housing scheme.
Do Not Believe Everything You See on TV or social media
Many ads airing on TV, Facebook, and other social media platforms are presented in a glamorous way that is far from reality and is considered a total scam. In particular, overseas Pakistanis looking to purchase property in the country must remain vigilant and avoid being deceived by these enticing advertisements and commercial scams. The incidents of selling a single plot to multiple individuals have become an increasingly common fraudulent activity in Pakistan’s real estate sector. Engaging the services of a reputable real estate company is recommended for this task.
Verification of Municipal Authority should be a Mandatory Safety Step
When overseas Pakistanis plan to invest in the real estate sector, it is crucial for them to ensure that the property they are considering has the necessary approval from the relevant municipal authority. For instance, properties in Lahore or adjacent areas should be associated with LDA (Lahore Development Authority), properties in Islamabad or adjacent areas should have CDA (Capital Development Authority) approval, and properties in Karachi should be linked with KDA (Karachi Development Authority), and so on. Obtaining an NOC (no objection certificate) from any of these authorities by the housing scheme they are intending to invest in is a reliable indicator of a safe investment opportunity.
Conduct a Thorough Research on the Property you wish to Invest in
It is of vital importance for overseas Pakistanis to conduct thorough research before investing a substantial amount in any property to avoid scams. Rushing into decisions should be avoided, and it’s wise to aim for an investment in a futuristic society that guarantees a high return on investment. Whether they intend to build a home or make an investment, ensuring that the society offers basic and luxury amenities for a peaceful and fulfilling life is crucial. Failing to do so may result in regrets and disappointment in the future. Taking the time to make an informed and wise choice is advisable.
Look Out for the Best Choice
When considering a property purchase, it’s advisable for overseas Pakistanis to refrain from finalizing the deal immediately after their first visits. Instead, taking a step back and giving it some thought is recommended. Visiting multiple properties is highly advisable to ensure they make the most informed decision. This approach can help overseas Pakistanis avoid potential regrets later on, especially if they discover a more suitable and promising society afterward. It’s important to create a list of properties that match their requirements and carefully compare the pros and cons of each before finalizing the best option.
Hire the best Real Estate Agency
Engaging the services of a reputable real estate agency with extensive knowledge of the local real estate sector is a wise decision for overseas Pakistanis. These agencies have the expertise to cater to the specific requirements, needs, and budget of overseas Pakistanis, helping them save a significant amount of money and time compared to inexperienced agents who may not offer the same level of guidance and assistance.
Get Information about the Builder
Overseas Pakistanis are strongly advised to place their trust in societies developed by reputable builders, as they have a track record of successful housing projects and are not involved in scams. Esteemed names like FDH Future Development Holdings in Capital Smart City and Blue Group of Companies in Blue World City are examples of prominent residential projects with a wealth of experience. Trustworthy developers typically provide clear deadlines for project completion, making it easier for overseas Pakistanis to ensure a safe investment.
In this blog, we have endeavored to provide comprehensive guidelines for overseas Pakistanis who intend to invest in the Pakistani Real Estate Sector while safeguarding themselves from potential fraudulent activities. A cautious and deliberate approach is essential when making such life-changing decisions. If you find these steps overwhelming, Wirasat is here to assist you. Our team of knowledgeable professionals is well-equipped to provide on-ground support and help you identify scam-free housing schemes owned by reputable individuals and built by esteemed developers.