Investment in any real estate project is bound to some fundamentals. Here are some guidelines for park view city. These fundamentals include the location of the real estate project, prevailing market sentiment about it, flexibility and attraction in prices of commercial as well residential plots, approval of the project from leading government regulatory bodies, the reputation of the developer developing this particular project, and security of both project and investment. In this case, you can get reliable investment opportunities.
Guidelines for park view city Islamabad to follow while purchasing or sale of plots are as follows:
Check verified No Objection Certificate NOC by Capital Development Authority CDA.
Check the location of the area where you want to invest. This is very important because capital appreciation in this case means the difference between the purchase price and selling price of your plot. A 100% increase in prices will give you a 200% return on investment.
Check whether there are any new projects nearby or under development, which might affect the future value of your land.
Please consult with an experienced chartered accountant while purchasing plots for investment purposes because it is subject to income tax rules.
Confirm with Developer :
Is the property mortgaged with any bank or financial institution? If yes, then ask for status for your peace of mind.
Getting all your legal documents in order is important to protect yourself and ensure that you receive what you are promised.
Check Registry/Title Deed :
Check whether there are any encumbrances on the property, i.e., if any other person is registered as an owner of this land, or has a lien against this land. Also check charges like electricity bills, water charges/bills, etc. These charges must have been paid by the seller because outstanding bills will affect your title and demarcation etc. An estate agent can help you access this information through a search at the relevant government office or authority.
Get a Property Report :
If you are buying a new property, your agent should provide you with a Property Report. This report provides you with important information about the house or building, including photos of the property taken 3 months ago by an independent licensed surveyor registered with one of the professional bodies listed on the CDA website.
Property reports can help you understand more about any existing problems within or surrounding the fabric of your home that could be expensive to fix later on, and also give some insight into whether there are any potentially dangerous materials being used in its construction that could have long-term repercussions.
Check Availability of Services :
It is important to check whether the services your home needs are available.
Check for availability of services such as electricity, gas and water supply, sewage system, and telephone lines. It is advisable not to buy a property that has already been developed if there are insufficient utilities in place. You may have an extended time period before these become available.
Do your homework on local amenities: i.e., shopping malls, hospitals, schools, colleges, etc. This will give you some insight into the future value of your land.
Get Title Insurance :
Get title insurance for physical loss or damage to your property; this can be reimbursed up to 100% of the face value of the policy in case you experience any loss or damage to your property.
Title insurance is a must if you are buying a pre-existing property as this will protect you and ensure that you do not incur any losses at the time of making the purchase.
Make sure that all charges like water bills, electricity bills, etc., including those due for the last three months, have been paid by the seller. This is because these charges belong to the next owner and it can be difficult to recover them from previous owners.
Verify documents from CDA :
The seller must provide you with a clearance certificate from the Capital Development Authority.
Make sure that this document is issued on the last day of the previous month or year. Also, ensure that it has been stamped by the “Central Excise & Taxation Department” Islamabad. This is very important because if the land had any existing development approved before 2010, then 7% Capital Gain Tax will have to be paid by you upon sale of the property.
Preferably get all documents attested from Notary Public as many banks do not accept unsigned documents.
Examine the level of security provided to society’s residents:
There must be at least two security guards on duty. The guard or watchman should be present in the building or tower itself and not in a security cabin outside where they cannot see all the entry points of a housing society.
Also make sure that there is a system for controlled access through automated gate systems, intercoms, etc. To ensure safety and security of life and property.
Ensure that there are 24-hour turnstiles installed inside the society so residents can come in without having to enter them by giving their identity cards or driving licenses to security personnel.
Check whether CCTV cameras have been installed inside all corners of your society to ensure your safety.
Park View City is a great place to invest in property. The city offers many benefits to its residents and the guidelines we’ve outlined. We have tried to cover basic guidelines for park view city. Will ensure that your purchase or sale goes as smoothly as possible. Have you invested in property in Park View City? What has been your experience? Let me know and comment below. Thanks for reading!