As an overseas Pakistani, investing in real estate in your home country can be a great way to diversify your portfolio and secure a stable income stream. Islamabad and Lahore are two cities that have seen significant growth in their real estate markets in recent years, and New City Paradise and Lahore Smart City are two upcoming projects that offer great investment opportunities for overseas Pakistanis.
In this article, we will guide you through the process of booking a plot in these two projects, from finding the right property to completing the paperwork and transferring funds.
Read in Detail: New City Paradise | Payment Plan 2023 | Location & Map | NOC
Finding the Right Property
The first step in investing in real estate is finding the right property. In the case of New City Paradise and Lahore Smart City, both projects offer a variety of plot sizes and locations to choose from. You can visit their respective websites to browse the available options and select the one that best fits your investment goals.
Both New City Paradise and Lahore Smart City offer plots in various sizes, ranging from 5 marla to 1 kanal. It is important to consider the location, size, and price of each plot before making a decision. You may also want to research the surrounding area, including nearby amenities and attractions, to ensure that the location is desirable.
Booking the Plot
Once you have identified the plot you want to invest in, the next step is to book it. To do this, you will need to contact the developer of the project and provide them with your personal information, including your name, address, and contact information. You will also need to provide them with a copy of your CNIC and proof of funds.
Both New City Paradise and Lahore Smart City offer online booking forms on their websites, making it easy to complete the booking process from anywhere in the world. You will need to fill out the form with your personal information and select the plot you wish to purchase.
After submitting the booking form, you will need to pay a booking fee to secure the plot. The amount of the booking fee will depend on the size and location of the plot, but it typically ranges from 10% to 20% of the total price.
Paying for the Plot
Once you have booked the plot, you will need to pay the remaining balance. If you are an overseas Pakistani, you can transfer the funds from your foreign bank account to the developer’s account in Pakistan. You will need to provide the developer with a copy of your bank statement to show proof of funds.
It is important to note that there are restrictions on how much money you can transfer out of Pakistan each year. As of 2021, the limit is $10,000 per person per year. If you need to transfer more than this amount, you will need to obtain special permission from the State Bank of Pakistan.
Completing the Paperwork
After you have paid for the plot, you will need to complete the paperwork to transfer ownership. This will include signing a sale agreement and providing the developer with any additional documentation they require, such as a power of attorney.
If you are not able to travel to Pakistan to complete the paperwork, you can appoint a trusted representative to act on your behalf. This representative can be a friend, family member, or lawyer, and will need to be authorized to sign legal documents on your behalf.
Read in Detail: Lahore Smart City | Payment Plan 2023 | Location | Map | Booking
Conclusion
Investing in real estate in Islamabad or Lahore can be a smart way for overseas Pakistanis to diversify their portfolio and earn a stable income. New City Paradise and Lahore Smart City are two upcoming projects that offer great investment opportunities
for overseas Pakistanis looking to invest in the real estate market. When investing in real estate, it is important to do your due diligence and research the project thoroughly before making a decision. Both New City Paradise and Lahore Smart City are reputable developers with a track record of delivering quality projects, but it is still important to investigate the developer’s history, financial stability, and reputation.
In addition to the investment potential, investing in real estate in Pakistan can also have emotional benefits for overseas Pakistanis. It allows them to maintain a connection to their home country and potentially create a family legacy for future generations.
In summary, investing in real estate in Pakistan can be a lucrative and rewarding experience for overseas Pakistanis. New City Paradise and Lahore Smart City offer great investment opportunities, with a variety of plot sizes and locations to choose from. By following the steps outlined in this guide, you can book a plot in these projects and start reaping the benefits of your investment.
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