Now is the best time for any expatriate Pakistani who wants to invest in Pakistan’s real estate industry. Thanks to the government’s efforts to make property investment easier for overseas Pakistanis, the land market is trending upwards. Furthermore, nothing is concealed from the public eye thanks to technological advancements, especially the ever-increasing infiltration of social media in our lives. This implies that potential international purchasers can learn every piece of information about investing in Pakistani real estate without ever leaving their homes. For overseas Pakistanis purchasing properties in the country and persons inheriting properties, the government has removed the requirement of being a tax-filer. The decision was made to relieve the difficulties of non-residents who invest in real estate. The previous government’s condition made it more difficult for Pakistanis to live abroad. The ruling, which was published in the form of a circular, states that the limitation on non-filers purchasing or transferring property worth more than Rs5 million will not apply to lawful heirs who inherit property.
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Check Track Record of the Builder
If the developer or builder is a well-known personality in the real estate sector with a track record of successful home developments, you can trust them blindly. You can put your money into the numerous home options they provide. Typically, a reputable developer will provide a timeframe for when the project will be completed. You might base your judgment on how well and swiftly they work on an ongoing project; this will help you assess whether or not they will produce on schedule. The rule of thumb when picking a house, whether to buy or rent, is to base your decision on what you see rather than ‘what they promise to give.’ Consider the following inquiries: Is there access to electricity, gas, and water? Is the fundamental infrastructure in good shapes, such as roads and drainage? How do people get around? Is this a no-load-shedding zone? Get the idea from the Rudn Enclave.
Become a Tax Filer
You must file your taxes as soon as possible since the government is tightening the noose on non-filers. Suppose you’re working abroad on a more personal level. In that case, you’re likely to file your tax returns regularly, so it won’t be a problem because you’ll only be paying taxes on the income you get from your Pakistani property. Many people are hesitant to file tax returns in Pakistan, and some are concerned that our system is unequal. Although intricate tax filing methods may provide some obstacles for local tax filers, we must remember that the system is still evolving for new investors. It is quite straightforward and offers tremendous financial benefits. You will save hundreds of thousands of rupees on any major transaction, and filing your taxes costs only 10,000 PKR per year.
Is This a Safe Project To Invest In?
When thinking about buying a house, the first thing that springs to mind is whether or not the project is safe to invest in. Suppose it is administered by public authorities such as the Capital Development Authority (CDA), the Karachi Development Authority (KDA), or the Lahore Development Authority (LDA), or by a keeping up administration body such as the Defence Housing Authority (DHA) or the Pakistan Armed Forces (PAF). In that case, it is approximately a secure investment. It should be enough to raise red flags for potential buyers if a project is still pending official approval. Lack of clearance almost always signifies the authorities have canceled the housing proposal. Investing exclusively in well-known, approved projects is thus your safest bet.
Bypass Marketing Accumulation
New investors, unfortunately, are an easy target for high-end marketing efforts, and many developers take advantage of their lack of on-the-ground experience and information. You won’t have to worry too much if you limit yourself to the abovementioned places. If you’re willing to take a bigger risk, be sure you don’t fall into the trap of those marketing wizards.
ArifJeewa, chairman of the Association of Builders and Developers (ABAD), estimates that 20 percent to 25 percent of property buyers in Pakistan are expatriate Pakistanis who either invest directly in the nation or buy through family and friends. He went on to say, we are optimistic that business will pick up after the management reassessed its stance on non-tax filers. When it came to investing in this company, Pakistanis living outside of Pakistan had practically stopped.
Muhammad Junaid is a CEO of VM Sol, senior Analyst, and Search Engine Expert. Extensive experience being an IT Manager in NextGen Marketing – Capital Smart City. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.