Investing in a high-rise project in Pakistan can offer exciting opportunities and substantial returns. But, it also comes with its fair share of risks for land ownership. Therefore, answering Why Check Plot Ownership Before HIRISE Investment? Read the blog to the end. I have explained everything about this challenge.
Reasons Why Check Plot Ownership Before HIRISE Investment?
Here are some risks associated with land ownership while investing in a HiRISE project:
Unverified Ownership
Many fraudulent developers advertise projects on land they do not own or have not legally acquired. Not verifying the legal ownership of the plot will lead you to invest in a project where the land ownership is in dispute. It could lead to financial losses or legal battles, leaving you with no property to show for your investment.
Multiple Claims
In Pakistan, It’s common for plots to have overlapping or disputed ownership claims. If the plot your invested plot is in a legal dispute, it could delay the project indefinitely or even result in a court order halting construction.
Without clear title documentation, you may lose your investment if the court gives the decision against the developer.
Unapproved Projects
High-rise projects need regulatory approvals from local development authorities, such as the Capital Development Authority (CDA) or Lahore Development Authority (LDA). If the plot has illegitimate ownership, the project may not get these approvals, putting the entire investment at risk of cancellation or demolition.
Difficulty in Recovering Funds
If it turns out that the developer has no ownership of the plot or misrepresented the ownership, recovering your money can be a long and difficult process. Many fraudulent developers disappear or become bankrupt, leaving investors with no money.
Decreased Value
If a high-rise project is associated with unclear or disputed ownership, it can significantly affect the market perception of the project. Properties in such projects often see reduced demand, making it difficult for investors to sell or rent out their units, leading to a decline in property value.
How to Verify Plot Ownership – A Step-by-Step Guide for Investors
Follow this complete guideline to very the plot ownership before investing:
Request the Title Documents
What Documents Do You Need?
Ask the seller or developer for copies of the title deed, also known as the fard or registry, which proves ownership of the plot. Additionally, request any recent sale agreements, transfer deeds, or mutation papers (initial) to trace the ownership history.
What to Check in the Documents?
Ensure that the name on the title deed matches the person or entity selling the property. Check for the proper transfer of the ownership rights of the plot.
Visit the Local Land Records Office
Land Revenue Office or Patwari
Go to the relevant land records office in the location of the plot. It could be the Patwari office in rural areas or the local land authority e.g., Capital Development Authority (CDA) and Lahore Development Authority (LDA).
Verify the Property Title
Request official confirmation of the ownership status, plot size, and whether the land has legal challenges. Most land offices maintain computerized land records, and you can check the plot’s status by providing the title deed details.
Check Online Land Records
Online Verification Portals
In many areas, provincial governments have introduced online systems for verifying land ownership. For instance: Visit the Punjab Land Records Authority (PLRA) Website: https://www.punjab-zameen.gov.pk/
What to Do on the Website?
Enter the plot number or title deed information on the website to instantly verify ownership. You can also download copies of the verified land record.
Cross-check with Development Authorities
No Objection Certificate (NOC)
The plot should have the approval of the relevant development authority (e.g., CDA order). Developers need NOCs to legally start a real estate project, and these authorities ensure that the land is not under dispute or government acquisition.
Check Project Status
You can visit the official websites of development authorities or physically go to their offices to verify the plot approval for the HiRISE building.
Hire a Legal Expert
Engage a Real Estate Lawyer: A qualified real estate lawyer can help you verify the authenticity of the ownership documents. They can also check for any legal disputes, outstanding loans, or liens against the property that could affect your investment.
Use Reputable Property Companies or Agents
Trusted Agents
Only work with a real estate agent having a solid reputation. Avoid agents or developers with a history of incomplete or disputed projects. Established agencies typically maintain detailed land records and offer transparent deals.
Credible Real Estate Companies
Only deal with developers or sellers that can provide properties through official real estate platforms like Property Naama Group.
Conclusion
In conclusion, verifying plot ownership is a crucial step for investors before committing to any real estate project, especially in Pakistan’s high-rise developments.
Thoroughly checking title documents, consulting legal experts, using online verification tools, and ensuring proper regulatory approvals can protect your investment from fraud, legal disputes, and financial losses.
Contact for consultation and Information
For booking and consultation about HiRISE projects in Pakistan and UAE, 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
Disclaimer:
Please note that the information provided in this blog post is for educational and awareness purposes only and should not be considered professional advice. Property Naama Group is not responsible for any investment decisions by our clients or investors based on the information provided.
