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Owning property/land/plot in Pakistan!

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    Owning property/land/plot in Pakistan!

    I have heard people saying that buying property/land/house/plot in Pakistan is a risky business. I think its not a bad investment because I have seen the prices go way up in just few years. Some people have been also involved in tricky and fraudi deals, but then it depends where and from whom you buy the property from.

    What do you think about this. Is owing a property in Pakistan risky if you are living abroad??

    Please comment, if you have some good or even bad experience there. Is there any way to to on the safe side, any departments, services or insurance for such cases.



    [This message has been edited by SADI (edited January 20, 2002).]

    #2
    Not at all.
    Dont put you money in a LDA scheme however. Go for some forces or CDA scheme. Generally Defence, Naval Housing schemes and WAPDA Towns are pretty legal and without any fraud in it. In KHI, same Defence has no comparison. But ofcourse if you buy plot in Ghee Corp. scheme, it will take 20 years to develop.

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      #3
      Sadi it depends on location of your property. But prices do go up and down. For example: A 500 yards plot in Defence VIII (2nd or 3rd belt) was 16-18 laks 3 years back but these days its about 11 to 13 laks. Also its not like buying stocks because you will never lose money completely with your property.

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        #4
        SADI,

        I think its a good idea to have some property in Pakistan. Some people have a beach house and a cabin in the mountains for retreats. If you go to Pakistan every year or few times a year, wouldn't it be nice to have your own place there.

        I don't know about the issues of owning the property but it kinda makes you feel connected to that country.

        [This message has been edited by Yasmine (edited January 28, 2002).]

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          #5
          During the last 6 months, which I spent in Pakistan, I tried to get some information about buying property in Pakistan.

          As Athar said, the safest schemes are the ones, that are somehow related to the army. The prices for these properties are relatively stable. You won't make 200% profit within a few years with these kind of plots.

          The prices for the private schemes go up and down like anything. A friend of mine bought a plot somewhere in Karachi for 10 lakh and sold it for 1 crore 3 years later. But there you have the risk of fraud deals, like the same plot is sold to five people and things like that.

          But the most disturbing thing is the very lenghty process of registering your property. Either you have to be in Pakistan for at least one month yourself to get all that work done or you should have some relative who would take the hassle of going to the "Kacheri" and other government offices several times to get the thing registered properly.

          Anyway I'm seriously thinking about buying some property in one of the army schemes in Rawalpindi. The registration problem could be handled by my Taya, who is a retired army officer. Bahria Town would also be a good option.

          ------------------
          Umer, the Pakistani Brain of Austria
          The Pakistani Brain of the Austria (formerly known as "The Pakistani Brain of UAE")

          Comment


            #6
            Originally posted by Umer:
            During the last 6 months, which I spent in Pakistan, I tried to get some information about buying property in Pakistan.

            As Athar said, the safest schemes are the ones, that are somehow related to the army. The prices for these properties are relatively stable. You won't make 200% profit within a few years with these kind of plots.

            The prices for the private schemes go up and down like anything. A friend of mine bought a plot somewhere in Karachi for 10 lakh and sold it for 1 crore 3 years later. But there you have the risk of fraud deals, like the same plot is sold to five people and things like that.

            But the most disturbing thing is the very lenghty process of registering your property. Either you have to be in Pakistan for at least one month yourself to get all that work done or you should have some relative who would take the hassle of going to the "Kacheri" and other government offices several times to get the thing registered properly.

            Anyway I'm seriously thinking about buying some property in one of the army schemes in Rawalpindi. The registration problem could be handled by my Taya, who is a retired army officer. Bahria Town would also be a good option.

            I have some zameen in rawal pindie. I bought it for 13 lakh and I can get no for it 22 lakh. SO it does pay off evenmtually, but the other are right, there is alot of frauding going on there

            There is no salvation for the soul, But to fall in Love.
            It has to creep and crawl, Among the Lovers first.

            Imam Jallal-u-Din Rumi

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              #7
              dutch_paki: How long ago did you buy it?

              ------------------
              Umer, the Pakistani Brain of Austria
              The Pakistani Brain of the Austria (formerly known as "The Pakistani Brain of UAE")

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                #8
                My mom bought some land a long time ago, but she considers it 'lost property'.

                ------------------
                Learn to love yourself, then learn to love one-another
                "O man! What has seduced thee from thy Lord Most Beneficent?" - Quran 82:6

                Sponsor and choose an orphan at alyateem dot com

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                  #9
                  testing

                  Comment


                    #10
                    owning property does not only have issues with potential fraud, but maintenance and security as well. I dont know how the situation is now, but if you are renting the property, the laws favour the tennants quite a bit and you may get stuck with them. Additionally vacant property has been used in past by all sort of ghundas even political party goons have taken over empty property, and once it is taken over like that it can be an uphill battle to get it back if you dont have the right connections.

                    My advice: purchase a property locally where you are, or invest the money in the market carefully, it will be safer, better rate of return and you can purchase property in Pakistan anytime you want.

                    Ummm if you are interested i know someone who is selling 2 plots in DHA karachi, one is on the golf course road.
                    The greatest trick the devil ever pulled was convincing the world he did not exist. And like that... he is gone.

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                      #11
                      I only have information on Lahore. And here it is.

                      With Co-op Housing societies, buying and selling is relatively painless. Defence Lahore is a Co-op Society (now it has become Housing Authority a la Karachi) but the advantage is that it falls under cantonment rules and so no chakkar of court-kachehri. The prices are rather steep but then they remain steep. Its one of the most desirable locations in Lahore.

                      There are several other reputed Co-Op housing societies in Lahore. Some are very good, like Valencia (near Wapda Town) and Izmir, near Canal...both are developed by Pakistan Expatriates Co-operative Hosuing Society so most of their members are expats and the management is highly professional folks too. Some older co-ops are Tech society and Canalview, both on Canal, right after New Campus.

                      As always the advantage of Co-op society is that for purchase all you need to do is make payment and get the ownership transferred in your name in the society's office. Also, for all the above five, security of the plot is no problem and you don't have the worry about hiring a chowkidaar etc.

                      For buying plots in expensive and congested areas like Gulberg, Jail road, New Muslim Town, or Garden Town etc, the risk of forced occupancy (qabza) are great and also the ownership has to be transferred in zila kutchehree. This can be a hassle for expats.

                      Prices: Till about Jan 2001.. the price of a 1 kanal (4,500 sq ft) plot in Defence was between Rs 500,000 to 1,500,000 and more. Corner plots and those on the main road are even more expensive. Those in older blocks are generally more expensive than the newer ones, although those blocks which are in the flight route of Lahore airport have lower prices. Defence offers the best civic amenities amongst any housing colony in Lahore.

                      In Valencia, a 1 kanal plot is between Rs 300,000 to Rs 600,000. Izmir is slightly more expensive. Tech and Canalview are even more expensive.

                      Some plots in Gulberg and Jail road, go as high as Rs 200,000 per marla (there are 20 marlas to a kanal).

                      If you need further help in buying in either Defence Lahore or Valencia/Izmir, let me know and I will put you in touch with some folks who can help.

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                        #12
                        All these "increase" in property value is without factoring of inflation or the strength of rupee. True that property values in karachi and Lahore spike significantly, but if you factor in the inflation, it may not add up to much. One factor to gauge the rising property value is to compare the value of Rupee vs. dollar at the time you bought the property and the time you sold the property. It may make you think twice...

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                          #13
                          Umer, in RWP/ISB, dont put money in Bahria Town. You have heard its not real Naval scheme rather admiral mansoor got caught in this fraud case.

                          In that cities put money with Army in Morgah, or PAF Tarnol or FIZAIA right on Islamabad Highway.

                          In Lahore Defence, 1 kanal will not be less than 1 million atleast.

                          In Lahore EME is good society. WAPDA and Valancia are also good. TECH is good but expensive now and Canal view is ****. No one is taking care of it, totally flopped. I just visited on eid.

                          In KHI Defence has a high price now, propert values are increaing. I am streamlined for EME in Lahore and PAF Tarnol in ISB.

                          share your experiences, pelase!!

                          Comment


                            #14
                            hello,

                            been to pakistan for a month just came back...thanks for all the good replys. Mr. Fraudia, Karachi is not my home town, I would rather stick around my area, although I think Lahore is a very nice place to live in..it was my first visit to Lahore and loved the city very much http://www3.pak.org/gupshup/smilies/smile.gif Actually one month was too less time for seriously buying or searching for property for housing. Co-op society is certainly a good option. I did hear from some scemes from such societies, and one area actualy appealed to me a lot.

                            Better luck next time I hope...thanks

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