A Guide to Property Registration Process in Pakistan
Real estate is a leading business and investment sector of Pakistan. Real Estate has larger scope in the country as well as it gives a larger profit rate than other businesses. However, most people get confused about the property registration process. But Property registration process is not as complicated as it looks. Though it may require you to visit multiple govt offices, the procedure itself is quite simple. You only have to know what documents you must carry and what needs to be done to get your property registered. Here we have come up with the complete property registration process. Including plots, lands, and flats. In simple terms, property registration may not be very daunting, but it can require you to put in a little money. Have a look at the easy property registration process in Pakistan.
Property Registration Process (Karachi):
Karachi the largest city of Pakistan, fully equipped with a modern way of life. Karachi is also the most populated city of Pakistan. So, the property demand is also high and growing. To register your property in Karachi, you need 14 days and a total sum of 342,058 PKR. And in just 2 weeks you will get your property registered.
Here are the requirements you need to fulfill:
Firstly, you will have to get an NOC (No Objection Certificate) or a Sales Certificate to sell your property. This will take a total of 7 days and will cost you PKR 500 only.
So, in just a week with PKR 500 rupees you will get an NOC.
Next, you have to conduct an online title search for the business. It will take a day only and will charge you nothing.
Thirdly, y9ou have to create either a sale or a purchase agreement depending on what you are intending to do by using the standardized online templates. It will also take one day and the template cost is nothing.
No fourth, you have to pay the property registration fee and the stamp duty among others. It will also take a day. Also, in this step, you will need a total sum of PKR 341,558.
On the fifth, take the receipt of the payment to the stamp office. It will be received the same day and will not cost you anything extra.
Lastly the sixth and the final requirement, the execution and the registration of the deed i.e. purchase or sale are done before the sub-registrar. It can take about three days to be fully done and your property now is fully registered.
6-step procedures resolve the per-conceived multifaceted process of property registration.
Lahore (Property Registration Process):
Lahore, the second largest and populated city of Pakistan. Also, it is the capital of Punjab. In Lahore the registration process is a bit brief and compacted as compared to Karachi. Yet it takes around 15 days to be done with the charges of PKR 343,408. Property registration in Lahore is very essential and can be shown from the following requirements.
The first step for property registration in Lahore is to obtain the FARD. FARD is the ownership and non-encumbrance certificate. Moreover, obtaining a FARD will take a single day and will cost only PKR 150 only.
In the second step, create a sale or purchase agreement using the free standard online templates. This is also a one-day process.
Next, you have to pay the stamp duty, town tax, capital value tax and finally the registration fee. Together it will cost you PKR 342.758 and this will also be done in a day.
Lastly, you will have to appear in front of the registration authority to register and execute the deed. And it will take almost 8 days to be done and completed.
Islamabad (Property Registration Process):
Prepare a sale or purchase agreement using the free standard online templates.
Then, submit your dues in the National Bank of Pakistan that is 1% of your property value.
Then, visit the office of sub-registrar at F-8 Markaz, Islamabad. Both the Seller and Purchaser along with 2 witnesses. Submit all the documents to Sub-Registrar along with the 1% of property value fee and registration. And receive the receipt. Land Ownership Proof. The documents require a CNIC of Seller, Purchaser and Witnesses
Registration of deeds will be carried out on the same day.
Documents can be collected after 3 days from office of the sub-registrar
This sums up all about registering your property in Karachi, Lahore and Islamabad. By following these steps carefully and closely, you can register the property within the mentioned duration and fee.