Real estate in Pakistan is a highly sought-after asset; Pakistanis have invested an estimated 420.9 billion rupees in urban real estate, while investment in rural residential areas is estimated to be around 305 billion rupees. Given the amount of capital that is being invested in real estate, it is important that we have a solid understanding of real estate ownership laws.
Graana.com, Pakistan’s smartest property portal, takes a brief look at the laws that govern the ownership and transfer of property in Pakistan.
The Constitution of Pakistan sets out the rights of property owners as well as provisions to safeguard these rights. Four laws in particular deal with property rights in Pakistan.
The Land Revenue Act of 1967 established each province’s own set of laws governing the recording of rights and their modifications. With slight revisions, all provinces have passed this statute.
The Transfer of Property Act of 1882 is a statute that comprehensively defines and governs property transfers (lease, sale, mortgage, and so on).
The Registration Act of 1908 is a comprehensive regulation that oversees the registration of documents. The revised documentation must be recorded whenever property rights are transferred or amended (especially in metropolitan areas).
Local laws govern housing societies (whether private or public), cooperative societies, mutual societies, and cantonment boards, for example. Some of the laws listed above apply to rural regions, while others apply to metropolitan areas. On a general and practical level, the regulations controlling immovable property in rural regions differ from those governing immovable property in metropolitan areas.
These steps are involved in the transfer of property in urban areas:
These are the major laws that deal with property ownership and property transfer in Pakistan. For more information, visit Graana Blog.
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