Pakistan is no different than any other country where buying real estate is one of the biggest choices in one’s life, and for good measure. Investment in real estate is viewed as a means of building one’s future and a route to financial security. But what happens if your idyllic storyline becomes a grim nightmare? Regretfully, a lot of Pakistanis are duped by unscrupulous developers who provide real estate they don’t genuinely possess.
Empty promises and unchecked land ownership are the issue
In Pakistan, developers frequently entice purchasers with expansive plans for communities that are promoted on billboards and pushed by zealous agents who guarantee large profits. The drawback? The land they are selling may not even belong to them! For enormous tracts of land, these developers compile “property files” that considerably outweigh their actual land ownership. Consumers invest their hard-earned money, believing the system and the aggressive marketing, only to have their ideal plot vanish from sight when it comes to delivery.
How Does This Plan Operate?
- Selling What They Don’t Have: Developers may sell hundreds or even thousands of plots on land that they may only partially own by utilizing eye-catching imagery and future assurances.
- Agent Motivation: Real estate salespeople frequently push these “property files” without first confirming ownership since they are motivated by large commissions rather than telling the truth.
- A Broken Cycle: In a last-ditch effort to fulfil their commitments, developers are able to purchase modest land pieces thanks to the first spike in investment. Customers struggle with increasing installments in the meantime, and many are compelled to give up their plots.
- The Disappearing Act: Following that, developers combine these discarded files, lessening their visibility and creating a wake of dashed hopes.
Who Is Defected? Everybody Does.
There is more to this dishonest behaviour than just personal heartache. The whole real estate market is destroyed by it.
- Consumers Lose Money: They put their entire life savings on schemes that never come to pass.
- Trust Erodes: Sincerity is discouraged and the system as a whole is viewed with suspicion.
- Market Stagnation: As a result of a lack of trust, investment dries up and real estate expansion stops.
What can we do to create a Better Future for Pakistani Real Estate
Government’s Responsibility: Putting in place clear laws requiring developers to prove their ownership of the land prior to project approval. For transparency, establish land registry records that are open to the public. Enforce these rules and penalize those who break them.
Investors’ Responsibility: Learn for yourself! Prior to investing, always request to view documentation of land ownership and confirm project specifics with the relevant authorities. Invest with customer focused real estate developers that enforce developer accountability.
Developers’ Responsibility: Property Developers should run their business on the values of honesty and transparency. They should follow the strategies of successful real estate property developers like Emaar, and support imposing penalties on those who use dishonest tactics.
Invest Wisely
We all gain from a healthy real estate market based on openness and trust. Pakistan, make wise choices! Keep your fantastical storyline from becoming a sooty nightmare. Your real estate investment in Pakistan might be a safe step towards a better future if you do your homework and are dedicated to moral behavior.
