17 General Marketing FAQ You Should Know
1. What is Marla:
A Marla is an old-style unit of area that is used in India, Pakistan, and Bangladesh. The Marla was identical under British Raj to be equal to the square rod, or 272.25 square feet, 30.25 square yards, or 25.2929 square meters. As such, it was exactly one 160th of an acre.
2. What is KANAL
A Kanal is a unit of area used in Pakistan. In Pakistan different conversions exist in various areas: a KANAL is generally considered equal to 5400 square feet or 20 Marla is equal to 1 KANAL.
3. What is PLOT:
In the world of real estate, the term plot means a piece of residential or commercial land that is meant to be owned by a person or a legal entity.
4. What is LAND
Refers to the earth’s surface down to the center of the earth and upward to the airspace above, including the trees, minerals, and water.
The term land encompasses all physical elements, bestowed by nature, to a specific area or piece of property, the environment, fields, forests, minerals, climate, animals, and bodies or sources of water.
4. What is Property:
Property is the land, everything that is permanently attached to the land, and all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land.
5.What is Balloting:
In Pakistan Real Estate the term balloting was generally used for assigning plot numbers to the allottee. In Pakatan generally, balloting has been divided into two parts.
6. What is Booking Ballot
Booking ballot means when a project is being offered on an installment plan and people apply for the booking and ballot held for successful and unsuccessful applicants, called Booking Ballot.
7. What is Plot Ballot
Plot Number, Ballot means a draw in which numbers are allocated to each allottee against its file, in other words, Map issued with plot numbers. In Pakatan generally, different real-estate societies offering good plots number to their clients those records are good by paying installments on time.
8. What is Square feet:
A unit of area equal to one foot by one foot square or area of a square with sides of 1 foot.
9. What is Yard:
A unit of linear measure equal to 3 feet (0.9144) meter.
10. What is Enclave:
An enclave is a territory (or a part of one) that is fully surrounded by the territory of one other state. Enclaves may also exist within territorial waters. Any small, distinct area or group enclosed or isolated within a larger one.
11. What is Registry:
Registry plays an important role in the property business or real estate. In different circumstances, the client will face the situation of registry regarding his plots or residence. A process in which the first sales deed is distinguished between buyer and seller. The buyer holds all the rights, proof of his ownership, this sales dead is an agreement between buyer and seller that is called a registry.
12.What is File
In real estate language, a file is a documentation of an Area that is on installments not balloted yet or maybe balloted and possession, where construction can be started immediately, is not granted by the housing societies/builders and developers.
13. What is Open File:
It is a legal document that is not yet allocated and even in no one’s name. Open file is the file that has no owner. The open file can be ADC (All Dues Clear) or on Down payment just like an installment-based file. It’s the same as a cash or prize bond.
14. What is Society:
A Society can be defined as an area having urban planning with the following facilities for residential and commercial purposes:
- Road Network
- Commercial Area
- Play Area
- Any other features like Golf Course, Club, Gated Area, In House Security, etc.
15. How to verify the Society?
Before investing/buying a plot/home/commercial in any society you have to consider the following:
- Is the Housing Society is registered with the Securities & Exchange Commission of Pakistan (SECP) or the Cooperative Department?
- Is Society land transferred on Society name in Revenue Record?
- Is the Housing Society having a valid NOC from Local Development Authorities (LDA / CDA / GDA / MDA / FDA as per the approved map?
- Is Housing Society has made arrangements for development work like Water, Gas, Electricity & Sewerage, etc. on-site?
16. How much holding time is required for investment?
There is no set standard to define the time frame of property investment. Property is a variable that can change every second. Property rates are increasing day by day. It varies from project to project. So, for a successful business time is required of 1 year.
17.When Ballot, Possession, Development will be held?
Most clients asked this question from real estate agents that when Ballot/ Development / Possession will be held? The best way to answer this question is to be in touch with authorities or societies management that hold the rights of giving rights information to the clients at right time.