ISLAMABAD, The capital administration, in order to minimize irregularities in real estate dealings, has decided to launch a property verification centre next week. The deputy commissioner Hamza Shafqat while announcing the decision said that the initiative would help a great deal in ensuring transparency in the property business. The step would also get public admiration as the individuals of the metropolitan city have always been complaining of frauds and irregularities in real estate dealings.
The Deputy Commissioner said that from now onwards, an individual before buying a property can easily check its status. The malpractices usually include selling one piece of land to more than one person, fake papers, illegal rights of ownership, replacement of plots after purchase, and presenting a fake NOC. The overseas Pakistanis usually fell victim to such practices as they are unable to appear personally and their representative here pretends to be the owner of the property. The initiative of the govt would enable the masses to deal with such malpractices.
The mushrooming online property websites is another cause of uncertainty in the real estate business. online registration and payments before any physical examination of land and plots reveal later that physically there was no land on the ground. Similarly, the sale of one piece of land to more than one party is very common in the real estate business around here. Sometimes the registration of the housing society and the NOC is not clear but they claim to be registered and properly approved.
The initiative of the Islamabad Capital Teriority will not only assist the residents of the city to avert any fraudulent exercise but also help the overseas Pakistanis to buy and sell their property in a transparent manner. The buyers would be able to check the status of society before making a deal It will also minimize the irregularities in the real estate business.