This project is proudly presented by the Blue Group of Companies (BGC). Here are the guidelines for Purchasing/Sale of Plots in a blue world city.
Blue World City Islamabad is a newly established housing society in the beautiful locality of Islamabad. It is located right next to the recently proposed Rawalpindi Ring Road.
Follow these Guidelines while Purchasing/Sale of Plots in a blue world city.
Check verified NOC :
if you are an existing homeowner, then NOC can be checked by contacting the housing society. Society will provide you with ‘no objection’ if it is satisfied with your credentials.
The second option is to check your name on the list of allottees (of Blue World City Islamabad) available at their sales office/life cell. If your name appears there, no further action is required. You can start purchasing/selling plots/houses in a blue-world city.
Check approved layout plan & construction schedule:
Every housing scheme has its own registered development company which decides upon the layout plan and execution schedule of the project along with other important matters. The developer needs to submit the layout plan through “Engineer’s Validation report” and “Housing Scheme Registration Application” to the federal government.
Once these documents are approved, they go on public display as a formal publication called the ‘advertisement’ for some time. The housing scheme registration application is also filed with RERA (Real Estate Regulator Authority).
Check approved map & construction schedule:
An approved map is also a formal publication of the housing scheme. In development plans, certain areas are earmarked as commercial, for shops and establishments, others as residential plots/houses. Similarly, other areas are specifically designated as parks, water channels, and roads.
The map is prepared under the supervision of an engineer who specializes in the ‘land use classification’. On this basis, a time schedule is made for each block showing the period within which it will be built.
Buying a plot or house from blue world city :
The land was bought by developers from various individuals according to the number of square yards they owned during the auction conducted by CDA (Capital Development Authority) Islamabad.
The dealer or broker is the one who will get the title from the developer to sell it to people he/she wants. You can get a copy of this certificate or NOC from them
Price quotation:
Price is last quoted by your dealer, he may increase his rates anytime without any prior notice, you have got nothing in this contract just a piece of paper.
Quote an amount that you can pay right away if necessary because prices go up every day and buying a plot at today’s rate does not guarantee you will buy it at tomorrow’s higher price.
A little bargaining should be allowed while quoting price but don’t overdo it. If the seller is asking too much, leave. If he looks reasonable, agree on something around 10-15% less than he has quoted.
Read all important documents:
As far as possible, read all the points of agreement before you sign them. It will not only save you money but also further problems which you may create for yourself by signing an agreement without realizing its content. Here are some terms that you should know about when buying land or a house in any housing scheme.
1- Agreement – A formal written contract between the buyer and seller in which various items including price, time of possession, payment schedule, etc are listed in detail.
2- Charges – Fees payable to the dealer/developers company for processing this deal i.e fees paid to IGL ( Islamabad Govt Land ) registration of your names on the title, stamp duty, registration of the agreement, etc
3- Agreement to Sell – Also called Sale Deed. It is a legal contract in which the property owner agrees to keep his title in trust with the buyer until he pays the agreed amount and takes over possession. It is prepared by a lawyer or a legal advisor.
4 – Power of attorney – An instrument under which one person authorizes another to transact business on his behalf. Here, you authorize your dealer/broker to acquire this land for you.
5- Quit Claim deed – A simple statement confirming that you have made full payment or installments as per schedule mentioned on the title or any other agreement, thereby vesting complete ownership right over land /house with the buyer. In Pakistan, the Quota claim deed should be attested by Notary Public.
Conclusion:
I’ve been looking for a place to live and stumbled upon this blog post. It was interesting and informative about the guidelines which Purchasing/Sale of Plots in blue world city that should be followed. While purchasing or sale of plots in a blue world city.
This is really helpful if you are someone who needs some guidance on how to go through such a process as it can get very confusing at times with all these different rules and regulations which vary from one country to another, but thanks to this blog post now we know what kind of things we need to keep in mind before making any decisions. What are your thoughts? Let me know by commenting below!
