Everything you need to know about property in Pakistan

Everything you need to know about property in Pakistan

As everybody wants his own land.

on which he/she could construct or design his own.

Home, commercial, agricultural or industrial unit design.

here are some important points which should be kept in view while purchasing a property in Pakistan.

Things to Determine

First one should determine his need for which purpose one is looking for a property.

1) The first thing which should be considered on priority is the legal status of the property.

your Society/area should legally clear to buy or construct home or commercial.

(one can check the list of legal societies on Local authority website. )

2) while purchasing a property in Pakistan.

one must know bylaws of the authority or society i.e number of stories you can build.

3) One must consultant a patent Consultant.

who is authorized by any authority/society as such consultants normally have many options?

4) You must determine your need.

i.e what should be the area you should select for buying a property in Pakistan.

5) If you are looking for residential land or plot. you must keep in view the basic utilities.

ie Water supply, Gas, power, and sewerage system, nearby schools,
hospital, park, and community centers of the society or authority.

6) keeping the future in view one should buy your property near mega projects.

(launched by the government ). i.e Highways, airports, seaports for commercial activity.

Near green/natural environment height view for residential purpose.

Near Trade port or airport for industrial use.

The property in Pakistan returns very reasonable profit near upcoming government megaprojects.

Types of Land

There are 4 Types of Property in Pakistan.

  1. Residential Property / Land.
  2. Commercial Property.
  3. Agricultural Property.
  4. Industrial Property.

Residential Property: This type of land is designated for residential purposes only. you can build your customized home on this plot.

Plots, Farmhouse are examples of residential property. There are many societies offering this type of plot in Pakistan.

Terms and conditions are applicable by authority/society.

Commercial Property: This type of property is used for building commercial Property. ie Shops offices etc.

Agricultural Property: This type of land is dedicated to agricultural purposes only. For example, you can establish any type of farming on this land.

Industrial Property: This type of property is only for industrial use. mainly this type of property has a designated industrial area.

Role of Your Estate Consultant

Another thing that is to be kept in view is the role of your Estate consultant.

He Must be authorized by the society or Authority.

in which you are going to purchase the property.

He should have a few options according to your need.

It is very hard for anyone to find the property on your own.

so a consultant is mandatory as he always keeps many options according to your need.

Structure of Land

Another important point to be considered while purchasing a property in Pakistan is the land type.

mainly there are two types of land.

1) Solid natural land.

2) Filling area land.

asks this question to your estate consultant either this is solid or filling land.

Filling land is cheaper than that of solid land.

Natural solid land has fewer construction costs.

while filling the land is more expensive with a construction point of view.

Payment Procedure

Usually, there are two parts of the payment.

1)Biana/Token amount. When you finalize the deal . it is time to pay.

an agreement is mutually signed by the seller and the purchaser. Purchaser pays 10% of total

 

One of the most important work is to understand the transfer procedure of the property.

Original allotment letter or Fard of the property.

Original ID Card of seller and Purchaser.

Account statement (issued by authority) of the property.

Payment receipt of Paid Taxes in Bank or FBR.

Sale agreement of the Property
You must know how many government taxes are applicable.

while purchasing the property in Pakistan.

Applicable Taxes and other charges

Mainly there are 3 types of taxes are applicable for the purchaser in Pakistan.
1) Stamp duty ( which is 2% for nonfiler and 1% for filer).
2) Advance income tax (it is also 2% for nonfiler and 1% for filer).
3) Capital value tax (2% for nonfiler and 1% for filer).
4) Society Transfer charges (only applicable when you purchase property in any society).

5) Documents Charges around 10k to 15k.

6) Commission of Estate consultant is usually 1% of total deal consideration.

Collection of Allotment Letter or Fard

You can Collect your allotment letter or Fard within 2 Weeks normally.

 

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