In this blog, We will discuss repeated real estate scams in Pakistan and their possible solutions. Therefore, read this article before investing in property in the country.
Common real estate scams in Pakistan
Here is the list of repeated real estate scams in the industry that buyers face in routine:
Fraudulent real estate agents
Nowadays, several misleading people claim to be real estate agents. They show themselves as Property dealers on social media and have fake offices.
They will get a down payment on a plot or property and then run away. It is a common practice in the real estate industry of Pakistan.
Fraud in property documents
The second most repeated fraudulent practice in the real estate industry is giving fake property documents to the buyer. You can not resale the property with bogus documents.
Moreover, the original document holder can challenge your property ownership in court. In all these ways you will lose your money.
Bogus NOC
A long list of housing societies in Pakistan are not legally approved. These societies do not have a valid No-objection Certificate (NOC) from the concerned department.
Therefore, the administration of these housing societies and their sales partner real estate agents market the properties with a fake NOC. In this way, people get scammed and lose their precious money.
Deceptive Infrastructure development
The 4th common real estate fraud is deceiving customers with fake infrastructural development. The fraudulent housing societies build a main gate entrance, front wall, and road to attract property buyers.
After this minimal development, they will run away with the booking payment of clients.
Fake ROI for a property
Creating a bogus Return on Investment (ROI) through self-created price hikes of a particular property by a group of real estate dealers is another common real estate scam in the industry.
In this way, they attract and sell property at fake rates. After buying, customers do not get the due property value on resale. So, they lose their hard-earned money.
Selling a property to multiple buyers
It is the 6th most repeated real estate scam in Pakistan. The property agents keep on selling an already sold property to multiple buyers.
They usually use fake documents to do this scam. In this way, several individuals get scammed in the name of a single property.
Claiming the fake ownership of property
The 7th common real estate scam in the industry is claiming fake possession ownership of a property. Usually, the society administration does not hold the legitimate possession of a piece of land.
But, they claim so at the time of marketing. Therefore, they do not deliver property ownership rights to the buyers. So, people lose their valuable wealth in this scam.
How to stay away from real estate scams in Pakistan
Adopt these measures to avoid routine real estate scams:
Chose trustworthy real estate organization
Always select a trustworthy, established, and proven real estate company and agents. This one initiative can 100 % minimize potential property fraud risks.
Choose the Property Naama Group if you are struggling to find a reliable real estate consulting company.
We have more than 30,000 + satisfied customers around the globe. We are the sales Channel partner of 22 real estate projects in Pakistan and abroad.
Due diligence
Before doing a transaction in the real estate market of Pakistan, Always do due diligence (Document verification) of the concerned property. You can hire a professional lawyer for this purpose.
Verify NOC
Always verify the NOC of the concerned housing society. You can visit the relevant government office or website for this purpose.
Checking the track record of the developer
Look for the history of the real estate developer you want to deal with, and verify his reputation in the market.
Go to see the property site
Make a personal visit to the property site you want to buy. Ask the neighbor about the legitimacy and fairness of the property.
Confirming the ownership of the property
Go to the local Arazi Record Center to check the ownership of the property you want to buy.
You can also check the property ownership status online by visiting the official PLRA website.
Contact for booking and information
For booking and general information on properties in Pakistan and abroad, you can reach out to us via :
Our Email address: Info@propertynaama.com
Oversees Clients (For Call Only):
UAN: +92 332 7777888
Overseas and Domestic Clients (For WhatsApp):
WhatsApp: 0331 0105531
