The real estate industry of Pakistan is a billion-dollar market that gives guaranteed profits and maximum returns on investments, but fraud and scams are becoming an increasing issue in this sector. In Pakistan, land scamming and property frauds are the real threats that the land buyers and sellers are facing with the rapid growth in the real estate (RE) sector of Pakistan.
According to the real estate insights of Pakistan, after the announcement of reform packages and reliefs from the government for the real estate industry of Pakistan, unprecedented growth has been witnessed in the real estate sector and people are getting attracted to do the investments to make the best of their worthy money. Many real estate agencies are performing well in this area by providing quality services to the investors but still, there are risks associated with real estate investments, and scamming is one of them.
Property is a high-value asset that is always an attractive focal point of the target for the fraudulent and scammers. This market is always vulnerable to frauds and scams, so it is better to keep your eyes wide open.
Let’s have a look at the common types of property frauds…!
COMMON KINDS OF LAND FRAUDS
Here are the few types of property frauds that people commonly face in the real estate market.
- TILE TRANSFERS:
The tile transfer is the type of scam in which the scammer attempts to sell the property under your name or by transferring your property into their name by utilizing fake documents.
- INVESTMENT FRAUDS:
Mostly, investment frauds occur when the person urges you to invest your worth in any project by promising high returns, but the high returns never come into your hands, even the investor’s actual amount gets stuck. They put your money into the lands that are either buy-to-let-projects which are either vacant or in poor condition. Also, they trick the investors to put their money into a land banking real estate project where the land doesn’t hold the value it is sold for or it is non-existant on actual grounds.
TIPS TO AVOID PROPERTY FRAUDS
Are you also looking to invest in the real estate industry of Pakistan? Well, if you are interested, then be careful while exploring this sector. Here are a few tips that you can consider to remain safe from widespread land scams and frauds. Let’s jump right into it…!
- VERIFY THE LOCATION
Before investing in any land, the first and foremost step is to verify the location of the land. Mostly, the land scammers use the details of the fake location to do a property scam. Before investing, do a complete survey of the location and check its authentication and related details.
For example, if you are interested in investing in Park View City Islamabad, ask your real estate agent to provide you the location update of Park View City Islamabad. visit the site with them and make necessary verifications. This will be helpful for you to analyze whether you are making a good investment call or not.
- CHECK LEGALITIES OF REAL ESTATE PROJECT
The second step is to check the documentation and legalities of the real estate project that you are interested in investing. Check the NOC (No Objection Certificate) details of the land that you are going to buy. The land regulator will allot a NOC to the project which makes it legal.
Also, check the credibility of the owners and developers of the project. Real estate developers with a good work reputation over the past years, are more likely to provide safe and sound means of investments.
FOR INSTANCE:
While investing in PVC-Islamabad, check the NOC status of Park View City from the Capital Development Authority (CDA). This will be helpful for you to make a preliminary analysis of the legalities of your investment.
- USE TRACEABLE MEANS OF TRANSACTIONS
While making any sort of financial transaction, use traceable means for security. It is imperative to do the financial transaction through a trackable means so that you can have a safe track record of financial transactions.
FOR EXAMPLE:
If you have booked a plot in Park View City Islamabad, try to make the initial bookings, confirmations, and final payments via cross cheque, bank cheque, or demand draft.
You can use any financial payment methods at your ease but while doing so try to mention the purpose of payment and housing scheme or real estate agency name to avoid any fool plays.
- MAKE DEAL VIA AUTHORIZED REAL ESTATE AGENCY OR DEALER
While buying or selling land, make a deal via a trusted or authorized real estate company or real estate dealer to minimize risks and avoid fraud.
FOR INSTANCE:
If you seek to book a plot in Park View City Islamabad, then consult any real estate marketing firm. The real estate firms are bound to share the actual payment plans of the project with the customers, so ask them to show you the Park View City Payment Plans. Also, demand them to give you the details of the Installment plans of Park View City. This will give you the clear idea about the actual worth that you are putting in that project. Also, making deals via a real estate marketing firm will keep the procedures safe and secure.
BOTTOM LINE:
That’s all folks….!
If you will follow the above-mentioned tips while buying or selling land, then you’ll be safe from the major land scams. Try not to get fooled by the gossips or hype of any project, instead keep a keen eye on little details.
Enjoy happy investment…!
BONUS TIP:
Who is most at the risk of land scamming….?
The land which is vacant for a longer span is more vulnerable to property scams because the scammers can use the property or land address as a base to do identity theft. So, try not to leave your property for a while, to avoid illegal possessions of scammers.
Also, try to register your land in your name as early as possible because the unregistered lands are more vulnerable to fraud.