Now is the best time for any overseas Pakistani who aims to invest in real estate industry of Pakistan. It is due to governments, which made property investment easier for Pakistanis living abroad, as the land market is trending upwards. Moreover, nothing is concealed from the eye of public because of technological advancements, especially the ever-increasing influence of social media in our own lives. This shows that potential international buyers can learn every information about investing in Pakistani real estate without ever getting out of their houses. Furthermore, the government has removed the requirement of being a tax-filer for overseas Pakistanis purchasing properties in the country and persons inheriting properties. The decision was made to relieve the problems of non-residents who have stakes in real estate. The previous government’s condition made it more difficult for Pakistanis to live abroad. The decision that was published in the form of a circular, states that the limitation on non-filers buying or transferring property worth more than Rs5 million would be not applied to legal heirs who inherit property.
Important Tips for Investment
NOC Approval
Before making a non-filer overseas Pakistani real estate investment plan, every individual should ensure that the real estate project has a valid No-Objection Certificate from the relevant authorities. Moreover, the No-Objection Certificates guarantee that the inhabitants and investors would not have to face any legal issues in the near future. Kingdom Valley Islamabad demonstrates the importance of NOC approval for a legalized housing project. Suppose it comes within the jurisdiction of municipal bodies such as LDA,KDA & CDA or under any other lawful administration body such as Defense Housing Authority (DHA) or the Pakistan Armed Forces (PAF). In that case, it is a safe opportunity for investment. So it better to invest in approved real estate projects only.
Check Track Record of the Builder
If the developer is a reputable personality in the real estate market with a track record of successful projects, one can trust them without any reason. It is easy put more money into several home options that they give. Typically, a reputable developer will provide a timeframe for project completion. You might base your judgment on how well and swiftly they work on an ongoing project; this would help them evaluate whether or not they would produce on schedule. The rule of thumb says that when choosing a house, whether to purchase or rent, it entirely depends on their decision on what they see rather than ‘what they commit to giving.’ Consider the following inquiries: Is there access to electricity, gas, and water? Is the fundamental infrastructure in good shape, such as roads and drainage? How do people get around? Is this a non-blackout zone?
Become a Tax Filer
Overseas Pakistan must file their taxes as soon as possible since the government is tightening the noose on non-filers. The ones working abroad must their tax returns, so there won’t be a problem because they will only be pay taxes on the income they get from their Pakistani property. However, 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 few barriers for local tax filers, we must remember that the system is still evolving for new investors. However, it is pretty straightforward and offers tremendous financial benefits. You will save hundreds of thousands of rupees on any significant transaction, and filing your taxes costs only 10,000 PKR per year.
Also Read: Silver City Islamabad
Safe project
When looking to purchase a house, the first thing that comes to mind is whether or not the project is safe to invest in. Suppose it is managed by public authorities i.e. Capital Development Authority (CDA), the Karachi Development Authority (KDA), or the Lahore Development Authority (LDA), or by a allowing any other administration body such as the Pakistan Armed Forces (PAF), or Defense Housing Authority (DHA). In that case, it is approximately a secure investment. However, 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 that the authorities have cancelled the housing proposal. Investment in a popular, approved projects is must be the 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. The investors would not have to worry too much if they limit themselves to notable places like Kingdom Valley File Verification. If you’re willing to take a more significant risk, be sure you don’t fall into the trap of those marketing wizards.
Conclusion
The lengthy procedures and regulations discouraged overseas Pakistanis from investing in real estate before. But overseas Pakistani’s real estate investment plan is relatively straightforward as the government and FBR offer relief to investors. Furthermore, the Federal Board of Revenue has eliminated barriers for non-filer, so they invest as much as they want. Apart from that, different developers have separate sectors for overseas Pakistani investors. For further information, overseas investors may get in touch with Estate Land Marketing.
Author Bio
Waqas Hussain is a SEO & Content Specialist. Currently IT Manager at Estate Land Marketing. With lots of experience in SEO, keyword research and WordPress management. With 3+ years of experience in managing blogs and scaling them from 0 to 100,000+ page views a month, it’s safe to say that I know a things about growing content-driven websites.