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KDAs Upcoming Low Cost Housing Schemes

KDAs Upcoming Low Cost Housing Schemes

All You Need To Know About the KDA Low-Cost Public Housing Schemes in Karachi Pakistan’s largest metropolis, Karachi, is getting four new housing projects. These projects are aimed at providing affordable housing to the populace in the most competitive and expensive real estate market in the country. With the fast-growing population and soaring property prices, it is getting extremely difficult for the lower-income citizens to buy something of their own. Director-General KDA, Dr. Badar Jamil Mandhro, told a news channel that the schemes will be formally announced soon via newspaper advertisements. The four new housing schemes in Karachi will be set up in Surjani Town, FB Area Block 1, Korangi, and KDA Scheme 1. The housing projects will consist of plots and apartments. Measurements of these apartments and plots will be 80, 120, 200 and 240 square yards respectively.

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ASF City Karachi Announces Balloting

ASF City Karachi Announces Balloting

All remaining un-balloted files to be balloted on October 4th Dubbed as “The Sustainable City of Pakistan”, ASF City Karachi (ACK) will provide a guideline for future independent cities. ASF City intends to provide a comfortable, efficient, and secure environment for its residents. ASF Towers The long expected balloting of ASF City Karachi is finally arriving. The management of ASF City Karachi has announced that all remaining active un-balloted files that do not have any outstanding payments will undergo the balloting process on 4th October, 2019. Civic Center The ASF City Karachi management has also outlined the conditions that must be met in order for the file to be part of the balloting ceremony: All 9 installments/dues must be cleared Installments/dues must be cleared by 30th September, 2019 Moreover, files with outstanding payments will not be part of the balloting process. ASF Gate If you own a file for ASF City Karachi, don’t miss out on the balloting. Make sure you meet the set conditions.

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What is the best time to sell your home

What is the best time to sell your home

Remember, if you want to sell your house as soon as possible, the price must be correct and in the best possible condition on the day of its introduction. If you want to market your home in 6 months, 3 months or a month, you should start working at your home. You have to compete with other real estate sellers in the market and win buyers. And let me tell you that buyers expect a flawless home that gives them the feeling of being ready to move in. Make your home as immaculate as possible, confuse it and decorate it as often as possible. Note The Condition And The Price Of The Property: This is about the condition of your home, and when it comes to pricing, a professional broker can give you a clear idea of ??it after analyzing the competitive market and based on the homes recently sold in your area to your home and that fits those who are previously sold in the market. Keep in mind that it will take longer for buyers to be overpriced for their home. After all, you have to lower the price, and the buyers see it as if it had been on the market too long. Seasonal Influence: They may not refer to it, but experts believe that the seasons affect the real estate market. For example, in the winter, when the year comes to an end, people stop investing and wait for the beginning of the New Year. Likewise, summer slows down activity as people wait not only for the end of the searing heat but also for the announcement of the annual budget. Similarly, activity in the holy month of Ramadan slows down in the same year. However, this does not mean that you should only sell in the spring. Note, however, that in the above-mentioned season, fewer buyers are looking for houses. It is also right that you will have less competition. Regardless of when you bring your house to market, you should always have backup plans with you if the property lingers on the market. Image Title: What is the best time to sell your home?

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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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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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Documents you need to sell your House

Documents you need to sell your House

Before you put your house up for sale, you must gather all the documents related to your home, including information related to your legal documents. A copy of your sales contract from the moment you bought your property, a copy of your deed and the title report, your property tax information, including your most recent bills; survey reports, etc. Sale Deed: One of the main documents of purchase of legal goods is a registered deed of sale which serves as proof of sale/transfer of the property of the last seller to you. Mother Deed: A deed is required at the time of sale of a property because it establishes the sequence of sales or transfers leading to the seller's property by the property. If you do not have an original, you must produce a certified copy by the registration authorities. Latest Receipt of Property Tax paid: The owners have to pay taxes. Make sure the previous owner has paid the property taxes and there is no pending deadline. Property tax receipts also help to prove the legal status of the property. Power of Attorney: This document is necessary to prove that the sale or purchase of a particular property is carried out by an authorized person in the name of the owner of the property. This must be produced in original to obtain a mortgage. Copy of a Building Plan: A buyer must obtain a copy of the construction plan approved by the official body to establish that the construction of the property is legal and is done in accordance with the rules and regulations in force. Allotment Letter: A letter of the subdivision is one of the most important documents for obtaining a home loan. It is issued by a developer or housing authority, indicating the property description and details of the amount paid by the buyer to the developer. Remember that a letter of attribution is not the same thing as a sales contract. Sale Agreement: This document lists all kinds of property information - terms and conditions, date of possession, payment schedule, specifications, details of common areas and facilities, etc. The agreement also holds the developer responsible for building the property. Possession Letter: This document is provided to the buyer by the developer and fixes the date on which the letter will grant him possession of the goods. The original of this document must be produced for obtaining a mortgage. Payment Receipt: Collect the original payment receipts from the developer if you buy a new property. If you are buying a resale property, ask for a copy of the vendor's receipts to be submitted to the bank. Completion Certificate: This document is necessary to obtain a mortgage. This document establishes that the building is built according to an approved plan.

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Brace Yourself for Inflated Prices with Dollar Hitting all Time High

Brace Yourself for Inflated Prices with Dollar Hitting all Time High

Brace Yourself for Inflated Prices with Dollar Hitting all Time High in Pakistan Since the beginning of the year 2019, Pakistani rupee has been heading down the slope with the dollar escalating along the upward trajectory, gaining an astonishing value of 157.1 against Pakistani rupee. In the last few days, the graph of the rupees’ power against US dollar decelerated, losing 5% of its value against US dollar, thus making it the worst performing country in 13 currencies in Asia. Since the beginning of the dark clouds of inflation on the economy, the rupee has lost 21% to its value to the dollar. This deprecation started a long time ago as, by the mid ‘70s, it lost 50% of its value to dollar and almost 90% in ‘90s. However, the nation is set to face the wrath. According to the President Forex Association of Pakistan Malik Boston, the rupee is expected to undergo further devaluation by 15-20 % by the end of this year. “Until the foreign exchange reserves situation improves, there is no chance of the dollar coming down,” he said. Experts and analysts believe that the sudden devaluation of the currency against the dollar is due to the consensual, undisclosed commitment of the government with International Monetary Fund (IMF) authorities to release $6 billion funds. However, the State Bank of Pakistan deemed this downward plunging of the PKR to market dynamics. The uphill surge of the greenback puts a burden on the economy of the country not only individually but collectively on the whole nation with external debts shooting to set a record of $106 billion. If the dollar gains 1 rupee against Pakistani currency, it increases the total debt by an astonishing amount Rs100 billion. A weak rupee, against the US dollar, means inflation which not affects every aspect of quality of life of Pakistani citizens. Inflation spiked to 9.9% in May 2019. Increased rates of petroleum products, household items, electricity, food, transportation, crashed stock exchange, and fragile cottage industries struggling to survive puts an extra burden on the weak shoulders of the general public of Pakistan where the poverty ratio is already striking high. The domestic price of imported goods will nudge up further, crashing the whole market. The government proposed that devaluation of rupee will boost exports business, getting escalated value of their items than before. However, there is an increment of only 0.12% export since 2018, thus proving the government claims false and illogical. Inflation upsurges affect the poor the deepest both directly, by increasing the prices of daily household items and indirectly, by not affording the medical and educational facilities. Pakistan’s economy faced a major setback in industrial, agricultural and services setup. NEPRA increased the electricity tariff by Rs. 1.4902 per unit to collect 189.6 billion rupees from power consumers over the next fifteen months. The prices of 24 karat gold ballooned by Rs2700 on Friday, 15th June 2019, soaring the 1 tola price to Rs 75900 as compared to the previous trading price of Rs 73200. The State Bank of Pakistan lifted the interest rates of 12.5% saying,” the inflation pressure is set to continue for some time”. Nevertheless, it also stated, “It will continue to closely monitor the situation and stands ready to take measures, as needed, to address any unwarranted volatility in the foreign exchange market.” The positive feedback of the upturned value of the dollar and rising inflation rates has put the economy of the country in a vicious cycle. Zafar Parcha, Secretary General of Exchange Companies Association of Pakistan, claimed that the depreciation led to haunting the investors and created a panic situation by heaping more pressure on the currency. $10 billion have already been added to Pakistan’s debt since September 2018. According to econometric models, if the same trend continues in the open market then the debt is expected to increase to $123000 by the year 2020. A new wave of inflation is set to engulf the country, putting more pressure on the people of Pakistan under the rising weight of prices in NAYA Pakistan and dumping its economy into a swamp. The State Bank of Pakistan must monitor the increasing trajectory to greenbacks against the Pakistan rupee and correct the imbalances ignore to stabilize the economy of the country. The government cannot do much to avoid depreciation when needed, but they can make them less dramatic by allowing a more flexible exchange rate regime.

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The new finance bill have high penalties for the tax offenders

The new finance bill have high penalties for the tax offenders

The time has come for those who were not paying taxes on their enormous wealth. Now the government of Pakistan has made it clear through their new law that every citizen who is an owner of a property is liable to declare its value and pay a certain amount of tax to the income tax authority. The last date of asset declaration under the amnesty scheme is 30th June 2019. After 30th June strict actions will be taken against those who have done a legal offense of not declaring their assets. According to the new finance bills, those who haven’t declared their properties according to the Benami Transaction (Prohibition) Act, 2017 and Income tax ordinance 2001 will be facing multiple types of penalties which are approved by the parliament of Pakistan. Section 182 of income tax ordinance has been revised and the finance bill for 2019 have shown a massive increase in the penalties which range from Rs. 25000 to Rs 100,000. Especially for those who are non-filers will be subjected to the payment of minimum Rs 40,000 due to non-filling of their tax returns. If a person has calculated their returns with errors and submitted it without correction will be penalized for the amount of Rs. 30,000 or more. Next, if a person was liable to furnish a return but failed to do so will be paying a penalty of 0.1% of the taxable income every week or amount of Rs. 100,000 whichever is higher until he is done with the submission. If the error in the calculation is repeated and this mistake is done in a single year than the person is subjected to pay a penalty of 3% or Rs. 30,000 whichever is higher. This penalty is charged on the person when the taxable amount is higher and tax payment is less than what it is supposed to be paid. According to the finance bill 2019, any person who is involved in the purchase of any immovable asset and it's market value is higher than 5 million rupees. In this case, if the payment is done through cash or bearer cheque then the person has to pay 5% as a penalty upon the property price determined by the government. For the offshore investment offense, the investor will be paying a penalty of Rs. 100,000 or 200% of the amount of tax for which the person was charged an offense. The payment will be done to the appellate tribunal under the income tax ordinance 2001. Movement of a property from a specified region or territory to any unspecified region or territory is also subjected for a penalty. The amount for such penalty is equal to Rs. 100,000 or 100% of the amount for the tax payment whichever is more will be paid to the income tax authority or the appellate tribunal. Finally, If any person is involved in any sort of offense of offshore tax hedging as an advisor or guide is subjected to a penalty of Rs. 300,000 or 200% of the amount of tax which was advised to be evaded, whichever is more. The amount of penalty will be submitted to the income tax authority or the appellate tribunal. Any person who is liable of filing a tax return and intentionally failed to do so or have submitted a return in which declared the value of assets are less than the fair market value is subjected as an evader of law. Under the income tax ordinance, all offenders and evaders will be penalized after the given date of submissions which is 30th, June 2019. No files will be entertained with the amnesty scheme and after that and heavy fines will be imposed on the offenders.

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