Finding the right investment property in Pakistan is a bit tricky if you’re new to the real estate industry. You want to invest in a Plot For Sale, you should be aware of the complex procedures that involve in this cycle of acquiring a piece of land in one of your ideal housing schemes in Lahore or any other city of Pakistan. As the property consultants with more than 25 years’ experience, we thought to help you in understanding each of the steps involved in purchasing a plot for sale either for investment purposes or if you want to construct your new house or maybe office. We hope that these points will clear your concepts of purchasing a plot for sale in a safe and easy manner.
STEP 1: INITIAL PLANNING
The real estate world requires patience, as we always suggest in our blogs, and you should have this quality if you plan to purchase a plot for sale. By this, I mean that you should make your decision very clear that if you want to resale the plot after few months or if you want to build a premise on it. After this, you need to calculate the expected amount you need to acquire a plot for sale in your ideal location. And then, you need to list down some potential areas in that city where you own a property to make your purchase decision clear and transparent.
STEP 2: SEARCH PLOT FOR SALE
The next step in our plot purchasing cycle is to find a trustable broker in that selected area who can guide you about prices and the best sites. Or else, you may do some homework using online property portals like Lamudi or Zameen that have curated the property data very strategically. For obtaining the best plot for sale, you should look for these elements during your search as mentioned below:
- Distance to main road
- Proximity to industrial areas
- Metro stations near the scheme
- Prime location of the plot
These few points can help you locating the best plot and get the best deal for property investment if you follow the pattern as mentioned above.
STEP 3: LAND VERIFICATION PHASE
After when you find a plot meeting your set criterion, the next step is to verify the details claimed by the seller or as told by the property consultant. Bring a measuring tape with you to calculate the dimensions of the plot that you intend to buy. This is essential to verify the plot size yourself to match with the measurements mentioned on the papers. You’ll also need to ensure that the registry and ownership documents are authentic and belong to the seller that is dealing with you. You may do so either by visiting the relevant property development departments or even check them online on provincial government’s website portals specifically created for this purpose.
STEP 4: NEGOTIATION PHASE
The second last step for purchasing a plot for sale in one of the ideal housing schemes in Lahore or other cities of your choice is to negotiate the price. You’d not want to pay more for a piece of land so it is advisable to discover the ideal plot prices of land in societies around it. Ask the property consultant about prevalent prices per Marla and you’ll get an idea about the right price of your selected plot for sale. You will know that if you’re being charged or the price is perfect according to facilities the plot is offering.
STEP 5: SALE DEED
Ideally, there’s a 10% upfront payment rule for securing the plot when you decide to purchase a certain piece of land. Then, both the parties would prepare legal documents that is called ‘land sale deed’ and the buyer would agree to clear the pending amount in next 45 days. This period can go up to 60 to 90 days according to mutual decision of both parties. Upon clearing the remaining amount, the ownership will be transferred to the buyer by the selling party and you’ll be called the legal owner of that plot.
Dial +92 42 37188542-3 or +92305-62222-81-4 to get more updates on how you can purchase a plot for sale in a safe manner now.