Pakistan’s real estate market has experienced a wave of new top real estate projects in recent years. If you do some research, you’ll find that almost every major city in Pakistan is experiencing rapid property growth. Regardless of its size, every new property development has real estate investment possibilities for both local and foreign investors. If you want to invest in a new property development in one of Pakistan’s major smart cities, you should know the difference between a plot and a plot file. We’ll go over some of the essential components of plot files and how to buy property files for top real estate projects to make things easier for you.
What’s a Plot?
The term plot refers to a piece of residential or commercial land intended to be under the ownership of a person or a legal entity in the real estate world. It is numbered, physically designated, and laid out in a specific society or real estate scheme that the governing authorities can recognize, unlike a property file.
What’s a Plot/Property File?
A real estate term that refers to a written guarantee to a property investor of a block of land in a proposed or existing housing society or scheme with a particular area size. It doesn’t have a physical presence, and the local planning authorities haven’t acknowledged or authorized it. Plot files are assigned a specific number after passing the balloting stage of the appropriate housing scheme or real estate plan, and then converted into actual lawful plots. Read more about blue world city payment plan.
Should You Buy a Plot/Property File?
Buying property in Pakistan is a significant investment – possibly the largest of your life. When deciding between a plot and a property file for a property purchase, you should weigh both choices carefully. Plot files are less expensive than plots and require less formality in the ownership process. Consider Bahria Town Karachi, where a one Kanal plot can be purchased for as cheap as 6 lacs. A 1 Kanal plot of land, on the other hand, costs as little as 28 lacs. The investment component distinguishes a plot from a property file, and it may influence your real estate purchase decision. The development authorities rarely regulate the sale and purchase of plot files, although they are less expensive.
What’s Affidavit?
An affidavit file is issued when a landowner surrenders their land/property file in favour of the project developers or development authority supervising that particular neighbourhood. An affidavit file acts as an open letter for a property, allowing it to be transferred in the name of any person or entity interested in purchasing it. After the property is successfully transferred into the buyers’ name, they are sent an intimation letter informing them of the transfer’s completion.
What’s Balloting?
Balloting is a term used in the real estate industry to describe the process of assigning plot numbers to potential buyers in a specific top real estate project. Balloting for plots and property files is usually a tie between the petitioners for plots and property files in planned property development.
There are two types of balloting:
- booking ballot, in which candidates who plan to book properties on an instalment basis participate.
- Plot ballot, in which purchasers who are willing to pay the entire amount to own a property participate, and a map with physical allocations is issued as a result of the balloting.
How to Buy Property Files for Top Real Estate Cities?
Now that you’re aware of the key differences between a plot and a plot file, the most crucial question is: where are you planning to invest in Pakistan? A few of the significant active property projects in Pakistan are:
Gwadar Golf City
Gwadar Golf City includes everything needed for a luxurious lifestyle as well as commercial complexes, ensuring that the project will become a hub of economic and corporate activity in the future. On several property portals, property files for the best real estate project in Gwadar can be bought for as little as 2.5 lacs to 13 lacs.
Top City-1 Islamabad
A well-planned housing project with a rapid rate of growth in several locations. It has a breath-taking view of the green hills and has also received approval from the Rawalpindi Development Authority. Property files are available for Top City 1 for as little as PKR 13000 and as much as PKR 50,000, according to many property portals.
DHA Gujranwala
DHA Gujranwala is one of Punjab’s most advanced housing developments. Even though the DHA Gujranwala project is still in its early stages, it already has everything it needs to set new, better, and higher living standards in Gujranwala. Thousands of plot files for residential and commercial units are available, with prices ranging from PKR 50,000 to PKR 4.25 crore.
DHA Multan
DHA Multan is a much-needed, modern addition to the city’s residential properties, covering 9,000 acres. The prices of DHA Multan property files range from extremely low to quite high. Prices range between Rs. 65000 and Rs. 1.25 crore.
Conclusion
With a little study, it’s pretty easy to get a decent deal on a property in Pakistan since that real estate has risen so much in the last few years. To assist you understand what property files are and how we can obtain them, we’ve gathered the relevant variables above, as well as the usual expenses of plot files. If you’re thinking about investing in a new real estate development, Sigma Properties recommends understanding the differences between plot and plot files.
