Overseas Pakistanis, whether working or residing abroad, always seek to create an investment portfolio to sustain their lifestyle in their country after retirement. Making secure investments might be difficult, but thanks to continual government incentives, real estate is a great and highly desired alternative nowadays.
Though selecting a decent real estate project requires prudence and precision, New Metro City is largely considered as the safest and most successful investment venue.
Real estate has always been an attractive sector that provides great returns on investment in both the short and long term. Furthermore, several perks included in the Construction Package 2022, as well as recent incentivized constructions in New Metro City, have given weight to the mammoth housing program for Pakistani expats.
Moreover, many Pakistanis living abroad have been duped when attempting to buy property in Pakistan. To minimize anguish, we are providing this information about best societies in Pakistan so that our foreign Pakistanis may invest securely in their country.
The reason for interest in homeland property for overseas Pakistanis
Overseas visitors now account for more than 30% of all property purchases in Pakistan. Let’s discuss the benefits first:
Roshan Online Account
Roshan Digital Accounts have also been launched, allowing Overseas Pakistanis to effortlessly participate in residential and commercial real estate developments via legal methods. The State Bank has imposed a three-year minimum duration for investing in real estate.
Pakistani rupee depreciation
Pakistani expats living in places such as the United Kingdom, the United States, and Dubai earn in the currencies of their respective countries, which are now trading strongly against the Pakistani rupee. As a result of the disparity in currency prices, they have an advantage over locals in investing more in local homes and real estate.
Interest Rate Reduction
According to a recent official announcement issued by the State Bank of Pakistan, the interest rate has been decreased. People are forced to remove their funds from banks and invest in other areas as interest rates fall. Obviously, the real estate sector has an advantage here.
The government’s Construction Package 2022, unveiled in the aftermath of an ongoing epidemic, is enticing, particularly for overseas purchasers. It includes a tax amnesty system for the real estate sector, which allows people to participate in the building business without identifying their source of income.
Then, a one-time capital gain tax exemption has been provided on the sale of personal housing of up to 500-yard home or 4000 sq.ft. flat. These incentives are valid through December 31, 2022, however the deadline is likely to be extended.
Best Pakistani Societies for Overseas Property Investment
There are various options for foreign Pakistanis to invest in real estate. We’ll look at a few housing plans in Pakistan for foreign property investors.
However, before investing in any property, including the greatest societies in Pakistan, you should consider the precautions outlined later in the blog.
New Metro city Kharian
Overseas Enclave is one of the most frequent blocks in New Metro city Kharian. The assets are approved and licensed. This block is entirely constructed, and it offers a wide range of facilities, from basic to magnificent. According to the project’s official website, Overseas Enclave was “constructed around sparkling sights of the gorgeous lake.”
Add beautiful green parks to its magnificence. People who wish to get away from the city’s hustle and bustle while yet being in an elite area generally visit Overseas Enclave. Many families already reside here. It’s vital to note, however, that only Pakistanis living in other countries may buy property in Pakistan.
One kanal of land is available for rent in Overseas Block. In the society, there are also 10 marla mansions with property values ranging from crore PKR 1.3 and crore PKR 2.5. If you wish to invest in plots in Overseas Enclave, you may buy 10 marla and 1 kanal properties. Get in touch with a reliable dealer network to keep yourself updated.
New Metro City Gujar Khan
New Metro city Gujar khan is an upcoming housing project. According to rumors, 10 or 5 marla homes will be offered for sale. Prices will approximately range from PKR 50 lakh to PKR 85 lakh. Get help from our property consultant to know more.
Documents Required When Investing in Pakistan’s Top Societies
Everything is incomplete unless suitable documentation is provided. To invest and register property in your name, you’ll need sufficient legal documentation. The following are the fundamental lists of papers that are necessary from your side for further method:
- 2 or more existing passport photocopies
- Most recent passport size photos of you
- Minimum 2 copies of the National Overseas Pakistani Identification Card
- Entry stamp photocopy for living in a foreign country
- Pakistan exit stamp photocopy
- List of family members
- Photocopy of next of kin’s National Identity Card
Before the papers can be submitted and processed further, you must first approve them. You must also keep the security deposit and safe evidence on file for any future problems.
Before Making A Property Investment, Safety Measures For Overseas Pakistanis
Take these suggestions into consideration before investing in top societies in Pakistan for foreign Pakistanis.
Confirm that the land has been approved by government authorities
The first concern that arises when considering purchasing property is whether or not a home project is safe to invest in. If it is administered by municipal authorities such as the Capital Development Authority (CDA), the Karachi Development Authority (KDA), or the Lahore Development Authority (LDA). Or by a regulated administration body such as the Defence Housing Authority (DHA) or the Pakistan Armed Forces (PAF), it is almost certainly a safe investment opportunity. Check to see if the residential plan has been approved by the government. If a project is still seeking official permission, it should raise red flags for potential purchasers.
The government officials are continually double-checking the housing scheme. If a job is still awaiting government permission, it should serve as a red flag to potential clients. Lack of approval, more often than not, signifies that the property will be cancelled by the authorities in the near future. As a result, investing solely in well-known, approved businesses is your best chance.
Do not believe false advertisements
Try not to be pushed into falling for property sales-housing society advertisements that are targeted to you on Facebook, other social media platforms, and on TV every other day. To be more specific, any Pakistani living abroad who wishes to acquire property in Pakistan should avoid falling prey to the rates advertised in these glossy advertising and should be aware of these commercially produced frauds.
Keep an eye out for illegal properties and housing organizations
When dealing with phony assets, these fraud societies and their schemes may be a nightmare for individuals living in Pakistan, regardless of who is residing overseas. These societies or properties may be subpar or are likely to begin into operation later due to a lack of legal permissions or approval from the government.
The Bottom Line
Buying property isn’t simple, especially if you’re not from the nation, but if you follow the above-mentioned guidelines, you should be able to get what you want without falling victim to fraud.
You may also seek assistance and information from reputable real estate businesses with a proven track record, such as Globe Estate & Builders. We are one of Pakistan’s leading real estate companies, dealing with a variety of characteristics like New Metro City, Gwadar Golf City and many more dependable housing societies.