Investment Plan for Overseas Pakistanis in Pakistan Real Estate
Pakistan’s real estate market is one of the leading revenue-generating industries with a significant contribution to the Gross Domestic Product. Moreover, cities like Islamabad, Rawalpindi, Lahore, Karachi, and Gujranwala have seen tremendous real estate growth in the past few years. This makes the overseas Pakistanis real estate investment plan easier. Therefore, this is good news for citizens of the country. Whether they live in Pakistan right now or settled overseas.
The Overseas non-filer Pakistani’s can easily invest in Pakistan Real Estate. Moreover, they can earn a significant return on investment, that too, with a high yield. Now is the right time for all the overseas Pakistanis out there desiring to tap into Pakistan’s real estate market! With the government providing assistance and ease in property investment for overseas Pakistanis, the graph is going up for the real estate market in Pakistan.
Fundamental Investment Tips for Overseas Pakistanis
There are some essential investment tips that every non-filer overseas investment plan should follow before making a real estate transaction.
NOC Approval
Before making a non-filer overseas Pakistani’s real estate investment plan, every individual should ensure that the real estate project has a valid No-Objection Certificate from the relevant authorities. Moreover, the No-Objection Certificates verify that the residents and investors will not have to face any legal issues in the upcoming future. Suppose it comes within the administration of municipal authorities such as CDA, KDA, LDA, or under any regulated administration body such as Defence Housing Authority (DHA) or the Pakistan Armed Forces (PAF). In that case, it is a safe investment opportunity. Henceforth, invest in well-known and approved projects only.
Kingdom Valley is a remarkable project with a valid NOC under DRG/PHATA/2176-2021. The NOC approval is necessary as it indicates that the project is secure for investment.
The Developer and Owner’s Reputation
A trustworthy developer and owner of a real estate project is the most crucial and necessary part. A developer with a good reputation provides a timeline about when the task completes. Therefore, this will assist you in deciding whether the developer will deliver in time or not. Moreover, you can decide based on how well and rapidly the scheme’s ongoing development works. Therefore, when choosing a real estate property, be it for buying or even rent, the rule of thumb is to make your decision thoroughly.
Beware of Fraudulent Activities
Hire a legal service that can do the background checks for you and explore every bit of detail that you can find concerning the project.
Government’s Ease for Non-Filer Real Estate Investors
The government has lately introduced new programs and packages. Moreover, one of the most substantial is the construction relief package. The President of Pakistan signed the Tax Amendment Ordinance 2021 to assist the country’s construction industry. Therefore, real estate investors can now relish immunity from disclosing their funding sources as well as the advantage of a fixed tax regime. Consequently, they do not have to tell their source of income and the deadline’s extension. The deadline is now March 31st, 2023.
Moreover, the FBR had previously targeted non-filers or citizens who could not file a tax return by the deadline. Consequently, non-filers were banned from purchasing a property worth more than $5 million unless they registered with FBR. However, The FBR has forgone these restrictions, enabling non-filers to spend large amounts of money in the real estate market. Resultantly, it is making a substantial contribution to the real estate sector’s prosperity.
Overseas Block for Pakistani’s Living Abroad
Developers of the housing societies try to facilitate the overseas Pakistanis in every possible manner. Most of the splendid housing projects have a separate overseas block for the citizens living abroad. The Overseas Block has superior facilities and amenities, focusing on providing them with everything they need. Blue World City Islamabad is a remarkable example of how Blue Group of Companies have constructed a separate Overseas Block, especially for overseas Pakistanis. The block has 7,10, and 14 Marla, 1 Kanal, and 2 Kanal residential plots. Moreover, they also offer 5 and 10 Marla Commercial plots.
Similarly, other renowned housing projects also provide Overseas Block, which is specifically constructed for foreigners. However, the prices of properties in this block are higher than other blocks, such as general and residential.
Conclusion
Previously, the tediously long procedures and regulations discouraged overseas Pakistanis from investing in real estate. However, now overseas Pakistani’s real estate investment plan has become relatively straightforward as the government and FBR offer relief packages to the investors. Moreover, the Federal Board of Revenue has eliminated restrictions for non-filer, so they invest as much as they want. Additionally, the developers have separate blocks designed explicitly for overseas Pakistanis, making the entire investment plan more attractive.
