One of Pakistan’s most lucrative industries – the real estate market has seen a boom in popularity over the past decade, with millions in investment being poured into this business yearly. This exponential increase in popularity has led many to opt for investment and other business opportunities in the real estate industry.
However, most people remain unaware of the country’s real estate laws and other essential information necessary for successfully navigating through the market. To help you know more about the industry, Graana.com brings you the most frequently asked questions about Real estate laws in Pakistan.
Whether you’re a real estate veteran or just a beginner, these FAQs will guide you through the ins and outs of Pakistan’s real estate market.
A plot is any specific piece of land where possession has been granted by the authority for construction or other usages.
A file refers to a specific area that has not been balloted, meaning possession has not been granted, and no construction can occur. There are many housing societies in Pakistan that offer plot files.
Balloting refers to allocating plot numbers in a specific real estate project. The market offers two types of balloting.
Booking Ballot – Projects are offered on an instalment plan, and applicants book their ballots.
Plot Ballot – A random draw in which each file is allotted a plot number.
A mutation is a verification record for transferring ownership of a property from one individual to another.
The term refers to the record of rights, a document maintained to determine and verify rights for immovable properties.
A Tattima registry is a supplementary sales deed to be a verifiable document in transferring and owning property.
A conveyance deed is a document that verifies a shift in a property’s title from the seller to the buyer. This document is necessary to determine if the said property belongs to any builder, society, or authority.
Pakistan’s inheritance laws are shaped mainly by religious rulings and affiliations. Muslims follow the guidelines provided by Islam, while people from other faiths are allowed to follow their religion’s rulings.
You only require one document to own a property which is a deed that verifies the transfer of property from one person to another. The act can be allotment letters, a sale certificate, or simply a sales deed.
Stamp duty is a government tax on the transfer of property.
In most cases, the responsibility for paying the stamp duty lies upon the buyer. However, sellers can also volunteer to pay this tax.
Pakistan’s land records are maintained by the District Administration Revenue department. The department is also responsible for deciding on the property’s boundaries for division and ownership.
Yes, overseas Pakistani are eligible for buying property in Pakistan. In most cases, this can be done without visiting the country.
Yes, foreigners can own land in Pakistan. However, they must go through several legal procedures to become eligible for purchasing a property.
Yes, a co-sharer is legally allowed to sell the property, but only their share of the property.
Any property that is willingly transferred from one person to another, without any money transaction, is known as a gift.
The contents of a will are only legally binding after the testator’s death, while a gift can be given to anyone during a person’s lifetime. Moreover, the owner can gift their entire land to their heir while they are alive, but the same is not possible through a will.
A will also restrict anyone that is not a legal heir from claiming the property. However, the testator has a right to allocate one-third of their property to someone who is not a legal heir.
Pakistan’s real estate industry is vast and complex, making it difficult for interested investors and buyers to navigate it. These FAQs can provide you with some of the essentials of the real estate laws of Pakistan, ensuring you remain safe from the pitfalls and malpractices within the market.
For more information, visit Graana.com – Pakistan’s first online real estate market.
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