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Factors Affecting Pakistan Property Market

Factors Affecting Pakistan Property Market

Real estate is an important and promising industry in Pakistan. The real estate market in Pakistan has developed rapidly in both the commercial and residential sectors. This attracts not only local investors but also foreign Pakistanis. In addition, investing in real estate is the most common way to protect capital and earn a substantial monthly rent. Here are some of the factors that affect the real estate industry in Pakistan. New taxes: A blow to real estate development : Despite boosting the economy and job creation, housing and construction have not yet been considered a significant industry. Its contribution to GDP of 2.3% is still below the required threshold of 5%. In the election, private developers were looking forward to incentive plans but were instead charged a 16% tax on individual housing units. The tax is levied on the land costs without any other costs. This had a negative impact on real estate development as developers and contractors needed tax breaks and other incentives to double their contribution to GDP. The Situation of Law & Order: The law and order situation in Karachi has had a dramatic impact on real estate prices. They stagnate in safer areas compared to low-income areas where the situation is fragile. The prices in DHA have remained stable and those in phase 6 and 8 are even on the rise. While real estate prices in Gulshan, North Nazimabad, New Karachi, Lyari and Mauripur have fallen dramatically. The government is taking stringent measures to improve the situation and has tasked rangers and law enforcement agencies to provide a safe environment for the Karachites. Property prices are expected to be more stable, but investing in the Karachi market remains an uncertain option. Favorable Investment Climate for Expats: The government has recently approved an investment program for foreign Pakistanis seeking to invest in small and medium-sized enterprises in Pakistan. Because of this favorable government stance, investors and expats return to the market and property prices are likely to escalate in the coming weeks. As mentioned above, the real estate industry contributes positively to the country's economic growth, and it is the government's duty to legislate so that investors have a level playing field and avoid risks to the sector. Other Affecting Factors: Let us find out the current market position based on the factors mentioned above. A rare interest of foreign investors No state interest FBR Review Stability of the local currency against the USD Political instability Demand and supply gap in favor of the rare demand with a high supply of the buyer The lack of real investment - It keeps the market weak Artificially created claims of group manufacturers that lead to market instability. Fake Buyer within groups Reduced real estate times - 4 to 6 hours

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A guide to Buy a house for beginners Jagah Online

A guide to Buy a house for beginners Jagah Online

When you buy a house for the first time, you might be nervous, anxious and excited, maybe all at once! Of course, buying your very first home is a big deal, and whether you're buying an apartment or a house, the thrill of finally owning your own home is certainly there. However, there are also a number of mistakes and missteps that every first-time buyer should avoid. So, if you're worried about making the right decision or not, our Beginner's Guide to Buying a House will help you review your decisions. Take your Requirements: When buying your first home, you should have a list of questions that need to be answered satisfactorily. If you have not really considered the details yet, let us explain some basic requirements that you should consider before proceeding to the next step: •Are you looking for a house or an apartment? •How many rooms do you need to comfortably accommodate your family? •Do you need additional rooms and for what purpose? •Do you feel comfortable with an open floor plan? •Would you like a prefabricated kitchen? These are just a few of the many questions you can think about at the beginning of the home buying process. Make a note of and answer them before considering the other factors listed in this guide for first-time buyers. DETERMINE THE LOCATION SPECIFICATIONS: The location of a property is usually the biggest selling point. There are, however, two aspects. One of these is the proximity of the future home or apartment to your workplace, the children's school and other basic amenities such as a business park. The other aspect is the neighborhood itself. Is it safe, fenced and guarded? Can you properly educate your children here? Is the neighborhood clean and well maintained? While you can only answer some of these questions when you visit the the property, you can always create a list of details that you would like to have in a particular location. Also, determine which area or location you want to live in, as this will help you narrow your search for the perfect home. Once this is done, continue with the next step in our Beginner's Guide to buying a house for the first time. Be Ready to Finance your Purchase: Buying your first home is a big investment and often requires a large down payment as well as the final payment in advance or in installments. For this, you either have to have sufficient savings or be prepared to take out a home loan from a bank. Evaluate your options and determine what is best for you in your particular scenario. When you make financial decisions at the beginning, you can set a budget and look for a house or apartment accordingly. Research the Real Estate Market Well: Now that you know which location is perfect for buying your new home, it's time to start searching. You can search online for real estate ads sites like jagahonline.com or physically visit brokers for that purpose. Online searches are usually more rewarding as they provide you with information even before you contact Real Estate Realtors. Finding the right and expert real estate expert to help you make purchasing decisions MAKE THE RIGHT QUESTIONS: Once your inspection is completed, all sorts of questions will be answered. You can ask some of your brokers and others from the previous homeowners (if any). Would you like to know more about a neighborhood? Ask the current neighbors. One question is always how long the current property is in the market. If a home has not been sold for far too long, this indicates important issues that may be hidden to the eye. NEVER ACCESS THE REQUEST PRICE: The next tip in our Guide for First Time Buyers is to never specify what kind of property is required. Start with lower and lower price than you would initially be prepared to pay for the place, and negotiate slowly with the seller until you can both negotiate a price that is affordable and profitable for you. DO NOT RATE TO A DECISION: After all, buying your first home is a big decision. Therefore, do not let circumstances, finances, or your real estate agents force you to make a decision that you are not entirely satisfied with. You buy this house and live in it with your family. You have to find the right place for the right price. This requires time, effort, research and, above all, patience. So do not hurry with the decision. Make your choice carefully, as you will probably not move soon.

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Transformation of residential real estate into commercial

Transformation of residential real estate into commercial

Do you have a residential property that you don’t need for residence, and want to capitalize on it? It might not be a bad idea to convert it into a commercial property. If you are already planning to do that, we have you covered. Business district: The CEO of Dream Ambassadors, Saleem Ghouri, said that even outside of these companies, not every property or building could be converted into commercial real estate. Muhammad Shafi Jakvani, CEO of Citi Associates, said that in larger cities such as Lahore, Karachi, and Islamabad, this would only be possible in the areas defined and reported by the local authorities as trading districts. If you would like to find out if you can market your property, contact the local authority in the city where your building is located. These business districts are generally around some of the main streets and avenues. Social order and transformation: You simply cannot turn the residential property into the commercial property if you live in organized, closed societies that have their own statutes. The provision, on the other hand, is included in the statutes of almost all of these companies, so this is generally not an option, especially for some larger projects such as the Defense Housing Authority (DHA) or Bahria Town. Permissions: In areas that have not yet been designated as a business district, the guidelines differ between cities. This is not allowed in some cities at all, while in other cities such as Lahore, the marketing of the residential property by the authorities can be allowed. However, a permit from the development agency must be obtained to ensure that the property is not used for purposes that may be detrimental to the surrounding residential area. No-Objection Certificate (NOC) must also be obtained from neighboring neighbors - who are located immediately to the left, right and back of the commercial property. Advertising: Ad must be placed in one of the newspapers to promote the owner's intention to commercialize the property. If no one publicly objects, the owner can proceed with the conversion. Documentation and fee: Once all these phases have been completed, you can contact the development agency to initiate the paperwork and process. There are two options at this point: annual or permanent marketing. According to a news report, an annual conversion must be renewed each year for a fee that represents only a small percentage of its total trading value - 1.26%. In the case of a permanent conversion, the fee varies depending on the area and commercial value. In Karachi, it can vary between 4,000 and 16,000 PKR per square meter, while in Lahore it can range between 5 million and 15 million PKR per channel. The demand for commercial real estate is growing. The incredible number of shopping centers and squares that have sprung up throughout the country testify to that. However, the demand is not met in many places. In such cases, converting the residential property into a commercial property may be the only option. Moreover, because of its higher return on investment and its value, which can increase two to four times depending on location, it is an option that many would like to consider.

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Real estate investment mistakes that can cause you to lose money

Real estate investment mistakes that can cause you to lose money

If you only read about real estate investments, it seems so easy - passive income, property appreciation and more. What is not to like? In reality, being a landlord is not a rosy picture. It is hard work that takes your time and requires the utmost effort, research, and regulatory planning to understand the core of the business. If you rent the property in advance, without knowing the trends in the real estate market, you may lose money instead of earning with your real estate business. All it takes are some wrong business moves and lack of experience in this area! You are ready to lose thousands on your rental property. The truth is that nobody wants to lose money. Surprisingly, anyone can understand the Pakistani real estate market analysis; you do not need a special degree to be an expert. Here are some common mistakes that should be avoided when getting in to the real estate business. Looking for a house instead of a rental property: Buying an investment property (which you rent in advance) is different from buying a home in which you want to live. It is not the goal to find a nice house on the block in a beautiful location. Remember that you are not looking for a house to live in, but something that an average family would like to rent. The same applies to the purchase of an older property. Long-term increase in value: The biggest advantage of real estate investments is that property owners can get back investments and profits in a variety of ways. First, in the form of monthly rental income and second by increasing the value of the asset. Landlords, however, usually make mistakes by placing too much emphasis on the latter. In any case, capital appreciation is a big bonus when a property is sold, but investment property should be paid on a monthly basis immediately after the owner has bought it. If this is not possible, it is not an ideal investment property. Invest with a Partner: Initially, the idea of buying a property with a friend or family member is exciting and overwhelming at the same time. Sometimes you just need extra capital to avoid mortgage payments, but sometimes you just want to split the risk of loss. However, experts assume that it is a mistake to enter into an investment partnership unless your partner is someone with whom you are legally married. Remember, if you cannot afford a deposit, you are not ready for an investment. However, if you are still willing to invest in a partner, it should be well-defined and accurately describe the roles and responsibilities of all parties involved.

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Step by step guide on selling property in Pakistan

Step by step guide on selling property in Pakistan

There is no doubt that buying and selling real estate is one of the most lucrative businesses in Pakistan. Buying and selling real estate requires some really careful and wise decisions. Every country in the world has its own rules and procedures for buying, selling and renting real estate. For this reason, every person who buys or sells a property must know all the legal requirements in order to be sure and achieve the desired result. It may be easier than buying, but it is certainly not an easy task. In this post, we cover everything you need to know about selling property in Pakistan. Finding Real Estate Consultant: It sounds very convenient and charming for most people to sell and buy privately and save the high commissions they have to pay the adviser, but wise people never do. You hire an experienced and certified real estate consultant who handles most of the process. Best online portals such as jagahonline.com provide a list of renowned real estate consultants in Pakistan. Commission of an Agent: Agents work on a commission basis, which is usually one percent. Sometimes they are closed, but that is rare. In any case, you should sit down with the agent and set the percentage of the commission and the time of payment in advance. Token Money: There are several phases of selling your home. Once you have found the right buyer, he must give you a bill. This is an amount that shows the purchase intent of the buyer. In a way, it also reserves ownership for the payer. After paying the voucher, you can send a photocopy of the original property documents to the prospective buyer for review. Initial Deposit: When selling property in Pakistan, remember that you have to pay the down payment. Once the documents have been reviewed, the buyer pays a certain amount of money as a first deposit, commonly known as a token (Bayana). The deposit is usually 25% of the sale price of the property. At this stage, the stamp paper will also be signed by mutual agreement. The stamp paper indicates the period in which the buyer pays the balance, and penalties are also set if he does not. Legal Formalities: The legal formalities are crucial and must be handled carefully. The main legal formalities in the purchase and sale of real estate include: TAXES: As a real estate salesman, you should know all about property taxes in Pakistan. Sellers are required to pay the CGT (Capital Gain Tax), which is 1% of the property value for the tax filer and 2% for the non-filer. The CGT is applied to real estate that is sold within two years from the date of purchase. This tax payment must be submitted to the Office of the Housing Corporation or the Land Development Authority. Stamp Paper: The stamp paper must be filled with all details about the property. The value of the stamp paper depends on the value of the purchased or sold items. The value of the stamp paper for each type of property is in line with government standards and cannot be changed. Transfer: The transfer process takes place in the office of the city authority for land development. For projects owned by private and registered developers, the transfer takes place in their office. The payment must be made in a safe place, preferably within the bank, to ensure no adverse activity. Upon payment of the Settlement Amount to the Seller, the rights of use, retention and sale pass to the Buyer. In fact, a new set of documents is created for the benefit of the buyer. Statement of sale to Registrar: After payment and transfer of ownership, both parties (buyers and sellers) visit the local registrar, where both parties declare in the presence of all the witnesses that the purchase and sale have taken place by mutual agreement. This is followed by the registrar's instruction to the local land registry officer to make changes to the property and transfer the ownership from one party to another.

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Things to keep in mind when investing in Commercial Real Estate

Things to keep in mind when investing in Commercial Real Estate

According to real estate experts, there is no better way to invest your money than buying a commercial property with potential. Since the Pakistani real estate sector has been considered the most lucrative sector in Pakistan for many decades, we usually find that most business magnates and financially healthy people invest in real estate rather than letting their money in banks. Experts accompany both newcomers and experienced real estate capitalists with regard to the areas of Pakistan, which in 2020 will prove to be the safest choice. Before you park your hard-earned money, you must also be aware of the cities with the highest real potential in the real estate sector. If you are looking for tips on safe and lucrative real estate investment in Pakistan, here are some important things to keep in mind: Perform a proper price analysis: After finding that the location of the commercial property you want to buy is just right for your investment, you need to do a thorough analysis of the offer price. Before you agree on a price for commercial property or commercial building, you should give an overview of the neighboring properties in the area and know their prices. You should also consult more than a few real estate agents in this area and ask them to rate the price of the potential property to ensure that you are not paying more than the actual value. You will also need to conduct an online survey on real estate portals such as JagahOnline.com to determine property prices in the preferred area. The location plays the main role: The question is how to find the most suitable place. To do so, you must consider a number of factors, such as the socio-economic class of the area, the current and projected population density, the existing business activities in the area and its surroundings, and much more. A complete site analysis helps you to better understand the outcome of the commercial property you plan to buy. Approximation of rental Income: You may not plan to rent your property in the near future, but you will think about it very soon. There is no better idea to use your property than to rent it. It not only gives you a permanent monthly income, but the original value of the property also increases with time. Therefore, before investing in commercial land or buildings, you should look at the average rentals of nearby properties. To get an idea of ??the usual rentals in this area, it is better to consult local real estate agents and conduct online surveys.

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How to Find the Best Estate Agents for Buying or Selling your Property

How to Find the Best Estate Agents for Buying or Selling your Property

Regardless of whether you buy or sell a property, a high-quality real estate agent is essential for a smooth flow. Find an agent with excellent references. Meet with agents to make sure all your questions are answered. Agents who charge very low costs or only work part-time may not be reliable. Only hire a broker if you know that he is the best buyer or seller, depending on your needs and preferences. Here are some of the features of a real estate agent that you should look for when looking for a real estate agent. Find Somebody That You Can Link With: There is a reason why you have to work to find the best real estate agent who understands your goals. Of course, it takes a lot of research, but the results are worth it. Once you've established a good relationship with an agent, it may be easier to share your needs with them without extra effort. Make The Right Questions: Asking questions is important to choose a real estate agent. Write down a list of frequently asked questions to ask your agent during the first interview. That's because asking questions is a necessary part of this process. Most people tend to forget that they are entitled to ask as many questions as they want before concluding a legal contract. It is crucial that a real estate agent can answer all your questions. How much experience do you have? Is this your full-time job or just a part-time job? How can you help buyers or sellers complete a business? How long does it take for the broker or company to buy or sell real estate in a particular area? How do you negotiate offers and counter offers? Can you provide references? Trust: Do not just rely on research to find the best real estate agent. Sometimes you just have to follow your natural instincts. Most people invest their lifelong savings into a real estate business. Therefore, it is important that you trust your own instincts before hiring an agent. Specialties: Real estate agents are valuable when you sell or buy a normal home or apartment. But you may be looking for a company/broker that specializes in a particular area if you find the best broker for a large, high-volume project. Qualities of Good Real Estate Agent: Selling or buying a property can be stressful. People are looking for real estate agents who are fast, attentive and resourceful. Good brokers and businesses do not keep their customers waiting, as they are determined to accelerate the buying or selling process without causing unnecessary delays. Commitment and commitment are among the top qualities of good real estate agents. Find Best Real Estate Agents on Jagah Online: A local representative can tell you a thing or two about the property you want to sell/buy in your desired area. But when it comes to so much money, you can make the most of your business by liaising with professionals who are up to date with the changing landscape in the industry and the emerging markets.

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How to find the Right buyers for your Property

How to find the Right buyers for your Property

Cash is the alpha and omega of any transaction, but it is becoming increasingly important in the real estate sector. When it comes to selling our real estate to buyers, we all tend to find cash buyers who can pay a lump sum for our assets to do cash buyers a favor because cash purchases bring huge benefits, and not just that, but also some other reasons why sellers prefer to sell their property to cash buyers and get their money in one fell swoop. To complete a cash sale transaction, you only need a few days and you do not have to wait for the loan approval, which can be denied until the end. Now you need to know why sellers prefer cash buyers. Here's the question of how to find such buyers for your property. Let's summarize it in the following post. Think of References: There are many professionals in the market who are not real estate agents but have complete information about those willing to buy real estate. Let them know that you are selling your property, offer them a commission and see how they find cash buyers for you. Through Online Marketing: The best and fastest way to get an answer to your property is to advertise online. There are numerous online marketing tools, but it has been proven to promote real estate through a reliable online real estate portal like Jagah Online. It requires some experimentation and investment but is definitely cheaper than newspaper advertising or using a real estate agent. You can also run Google ads. Create a Network: They say that your net worth is equal to your network. And there are several wealthy individuals, investors, passionate homebuyers and professional home buyers. You just have to meet them and build a network with them. In addition to recommendations and without going real estate agents, you can get a buyer for your property. If you do not belong to such a network, you can join online real estate forums and groups to connect with such people.

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