Overseas property verification system is essential part of real estate market because it is the fastest growing business in Pakistan, but most of the people are managing it without following any legal and regulatory processes. In 2021, Pakistan received a shopping sum of 30 billion USD dollars in remittances, out of which only 40 % was invested in the real estate sector.
Majority of projects that were horizontally and vertically launched were categorized as dead investments in Pakistan due to their unapproved status. Overseas Pakistani investors are the strength of the real estate sectors and the overseas verification system made them conscious whether their investment is in danger or not.
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It’s the best option for safety from all the corruption or fraud in real estate sector. The relevant authorities of real estate should get involved to keep sector clean from all kind of mischiefs and scams.
For this, the government introduced the digital property verification system to facilitate the overseas Pakistanis. Let’s discuss the benefits of overseas property verification system!
Evasion of Capital Trap
Real estate investors should primarily verify the real estate project, whether it is approved by the relevant authorities or not. They can verify it manually and digitally as well.
Usually, property investors consult with property dealers, that is not a practical way to get accurate information. Investors depend on property dealers for the verification and further steps. Dealers manipulate them tactically on the matters of land or property. This is the basic reason why investor’s investments goes dead mostly.
The other reason behind this trap is that the real estate projects or housing schemes are not following any legal or regulatory procedures. Therefore, overseas investors should join the verification system to eradicate the malpractices in this market.
Frequently, individuals skip many documents in manual verification system. Commonly, individuals don’t provide the title deed, plan of property, property tax receipts, no objection certificate, sale agreement or sale deed and power of attorney etc. so, the manual verification system is not suitable because investors don’t provide the complete documents. This type of verification is time taking and lengthy. That’s why individuals resort to the short-cut procedures. They adopt the illegal channels and. Thus, involve in mischievous activities.
In this case, it’s necessary to choose the power of attorney in Pakistan who manages the manual verification of your investment.
To select the power of attorney, further verification system of power of attorney is also lengthy. So, the digital property verification system is best for overseas investors because they don’t need to find the power of attorney in Pakistan and can easily verify their property or lands. As a result, capital will come in Pakistan that will help grow the Pakistan’s economy. Moreover, the malpractices can also be hindered by the online verification system.
Transparent verification system provides the economic stability and a smooth inflow of capital. The main reason behind all the malpractices is the less use of digital system and the reliance on a third party, ultimately creating a mess.
Overseas Pakistanis rely on a broker and a dealer for the information. However, the information they provide to the investor is often incomplete or misguided. They are completely dependent on the broker because they are not physically present in their own country.
As a result, dealers take the benefit from this situation and invest their hard-earned money in the unapproved projects. As a result, investors get nothing on their investment except the zero profit.
Due to the unethical behaviors of dealers or brokers, overseas Pakistanis lose the confidence of making an investment in different real estate projects.
The major benefit of overseas Property verification system (OPVS) is that it excludes the involvement of any third party. As a result, it creates a worth of the real estate market. The Overseas investors are directly aware of the important information and relevant documents by the digital platform. They get to know which documents as mandatory such as, title deed, layout plan, NOCs and other documents. To rebuild the confidence of investors on real estate market, it is significant to promote and support the OPVS.
Eradication of Malpractices and Misconduct
Since the digital system has been introduced for overseas Pakistanis in real estate, additional costs has also been come to end on the investments and accurate and credible information is also available.
Furthermore, the online chances of bribery and fraud have been eliminated. Overseas investors know very well about such kind of activities in which brokers and dealers were looting the money from investors. Especially, Patwaris took a lot of advantage of the overseas investors by showing the incomplete and improper information with wrong dimensions and their investments became dead in a capital trap.
The biggest benefit is that reliance of overseas investors on the brokers is fully ended now. So, the dealers and brokers frauds has come to an end. Investors save their time and money with the help of online verification system. Digital system gives the full access to the authentic information.
Real estate market provides a great opportunity to the overseas investors of investing in residential projects or housing societies, commercial projects and mixed-use projects. They can invest in real estate market openhearted and confidently using the overseas Pakistani verification system.
To wrap up the whole conversation, we reached at the result that overseas Pakistani verification system is authentic and clear from all kind of malpractices and misconduct. Overseas investors can trust the online verification system because of the absence of any third party in it.