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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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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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An alert for asset declaration before the end to amnesty scheme

An alert for asset declaration before the end to amnesty scheme

An alert for asset declaration before the end to amnesty scheme, Declared by Federal Board of Revenue The federal board of Revenue has demanded a declaration of assets through the asset declaration scheme. The scheme is in the form of amnesty, which means that the past offences of not paying taxes on the owned but undeclared properties or asset will be ignored. The ignorance is only granted for the past offences but once the asset is declared, the owner has to pay full tax for the current and upcoming years. The amnesty is granted in a way that a very reduced percentage of tax is subjected to be paid to the government without any additional fines or surcharges or penalties such as imprisonment. It has been disclosed by the Government of Pakistan that the federal board of revenue is fully aware of every misconduct that is going on. They have updated records of the property holders and in case someone is still not ready to gain benefit from the amnesty scheme of asset declaration will face trial and charges. The time limit has been issued and now it's an alert moment for those who are ready to declare their assets by using the benefit of asset declaration. Prime Minister of Pakistan has assured that the tax obtained from this scheme will be used to pay off heavy debt. He referred this debt as Quick Sand for Pakistan and the tax collected will help Pakistan to pull itself out from the depths of poverty. The last date for asset declaration through asset declaration scheme is 30th June 2019. In case any person failed to declare their assets on the given date will be subjected to a default surcharge for which the person will be liable otherwise strict action will be taken by the Federal Board of Revenue. According to the Federal Board of Revenue whoever is facing consequences due to the non-declaration of assets have to face full penalty with the payment of taxes at a full rate without any amnesty. As well as the person will be charged to the imprisonment of seven years or more under the Benami Transaction (Prohibition) Act, 2017 and up to five years of imprisonment under the act of Income-tax ordinance 2001. Tax is subjected to the fair market value of the asset and in case of any revision, the value of the asset cannot be decreased. In case the value is decreased the owner is subjected to pay tax on the previous amount that was relatively higher than the current amount. Benefits for the person who is declaring assets before 30th June under Amnesty Scheme: Ignorance on the past offences of not declaring assets, expenditure, and sales to the government. Ignorance on the past offence for not paying taxes to the government and a minimum tax rate will be applied to the declared value of assets. The subjected person will be safe from humiliation and penalties If a person is a non-resident of the state of Pakistan, he or she can still take advantage of the amnesty scheme and declare their assets. A person can declare their foreign assets and business under this scheme as well. NADRA has shared all of the details of every citizen to the federal board of revenue and database is available to be accessed by the citizen to check where they need to declare their assets or not. This is subjected to a fee of 500 Rs and any citizen can check up on their records from NADRA. The last date for the declaration of assets, expenditure, and transactions through the amnesty scheme is June 30th, 2019. No extensions are planned to be granted until now and whoever will delay will face charges and penalties. The declaration will be done according to the act of Income-tax ordinance 2001 and Benami Transaction (Prohibition) Act, 2017. The declaration of assets can include the justification of sources of finance as well.

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Is It Possible To Have Property Lawyer To Manage The Entire Property Selling Or Buying Procedure How Much Do Property Lawyers Cost

Is It Possible To Have Property Lawyer To Manage The Entire Property Selling Or Buying Procedure How Much Do Property Lawyers Cost

Is It Possible To Have Property Lawyer To Manage The Entire Property Selling Or Buying Procedure? How Much Do Property Lawyers Cost? Is it possible to work with a property lawyer for the entire property buying or selling process? Yes it is possible and we highly recommend you to hire a professional and skilled lawyer for the procedure. Many homebuyers, specially the first time buyers, consider having a real estate agent enough for a successful and stress free residential or commercial property selling and buying. However, if you know someone who has been through these matters will most likely suggest you to hire a property lawyer for the purpose. In Karachi, Lahore and Islamabad, you will find a number of good property lawyers that are professional and experienced of handling real estate matters. You can do the job yourself also, after all it needs is to advertise about your required property or contact a consultant for it and wait for the right offer. However, remember that real estate matters can be tricky to understand and handle and the process can be quite time and efforts consuming as well. Many people have tried to do it themselves and where you will find successful examples; you will also find cases where people end up buying defaulted properties and facing the consequences. Especially in Karachi, Lahore and Islamabad, where there is a huge number of such cases, hiring a professional property attorney is a must. Some benefits of hiring a property lawyer for your real estate transactions are; 1. They are Experienced and Skilled Probably the most crucial advantage of working with a property lawyer is that they are highly skilled at handling such matters. Attorneys gain the experience and skill with tough training and exposure to different kinds of cases, which give them insight into the matters that a common person is unaware of. Every man is skilled at something and a property attorney is skilled at helping you deal with your property matters and this you must accept. Instead of trying to handle the selling and buying of your property yourself and taking the risk of landing into any trouble, it is better to leave all this to a professional. 2. They know the Legal Technicalities Property documents are filled with legal jargons that are quite difficult to understand and chances are that you will end up signing the papers without properly understanding them. A property lawyer will help you understand all the terms of the contract and aware of any pitfalls that may end up you into any possible property rifts. In Karachi, Lahore and Islamabad there have been many cases in which people mistakenly bought conflicted properties and spent thousands of rupees in lawsuit. Therefore, it is important and safe to employ a legal resource to prevent any such situation. 3. They know how to inspect the Property No property transactions are complete without detailed property inspection and research. Property research includes checking for the property title claims or any other conflicts that can adversely affect your real estate matter. No matter if you are buying the house or shop from an individual seller or in a housing scheme, keeping a property attorney at the base of everything is key to success. Many buyers in Karachi, Lahore and Islamabad that are cheated by con agents and sellers bought land with multiple title claims or liabilities due to which their money is wasted and they end up in serious trouble. A skilled property lawyer will research the property in terms of title, liens and liabilities, bank loans, contactor claims or anything that could be a hurdle for you. 4. They help with Complex Contracts Property purchase involves a number of important steps and procedure like preparing and getting the sale deed, purchase agreement, signing the title claim and other documents etc. In case of buying a property in a housing society, checking documents and certificates like the buyer builder agreement and payments terms along with other documents is a part of the process and can affect you in many ways. This process of understanding the property papers can be even difficult if you are buying it from a company that has multiple partners or is a trust or corporation as the negotiations and terms and conditions would be lot more complex. A property attorney will know which papers to check and tell you the terms and conditions in simple language and do the changes if something is not right. 5. They help with Proper Closing Closing of the deal involves many steps and is equally important as the buying process itself. Many buyers are in a rush of just paying the price and getting the possession of the property and this is where con sellers and property agents take advantage. Proper closing of the deal saves you from future liabilities and miscalculations. Closing of the deal includes making new property papers, transferring of the title from the seller to the buyer, paying of the property price, appearing in front of the registrar and land records officer and a closing statement that details about the price of the property, handling and taking over by the parties. Without a professional resource like a property lawyer, you run the risk of not understanding the process properly and landing into some future trouble. 6. They make the Process Stress Free Hiring a property attorney will make the whole process easy and stress free, at least for you. Just imagine all the work and efforts that you will have to put into the process and that also without any expert knowledge. Finding the right property, finding the right and legal seller, doing the paper work, understanding the legalities and doing numerous other tasks while still being unsure if you have not missed anything. A legal attorney is fully capable of taking care of this entire in a lot better manner and you can be absolutely sure that nothing is left unattended. How much do property lawyers cost? Now this is the question that anyone who is looking for a property lawyer has in its mind, how much will it cost to hire a property attorney? It depends. Lawyers’ services charges depends and varies from city to city and from case to case also’ where a lawyer charges few thousand rupees in a small town, village or city, the fee can go higher in cities like Karachi, Lahore and Islamabad. Second, it also depends on the complexity of the matter, a simple case will charge less than a complex or conflicted land case. About Jagahonline.com Looking for a great residential or commercial property? Jagah Online lists properties from a number of real estate agents and property managers who are looking for serious buyers. We have houses, land, flats and shops at prime locations from where you can choose the best property for yourself. Browse through the available properties

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How will I know if the property agent has direct connection with the buyer or seller

How will I know if the property agent has direct connection with the buyer or seller

How will I know if the property agent has direct connection with the buyer/seller? Working with a property agent can be a little tricky but, realizing that not every one of us is a real estate expert, you cannot avoid working with one. Real estate managers are property agents that assist and help buyers and sellers in getting the best deal at the price suitable for both the parties but, finding the right and trustworthy property agent is no less than a hard work. There are many property and real estate agents in Karachi, Lahore and Islamabad but finding the direct property agent is like sifting grain from chaff. Working with a direct property agent has many benefits, as it is most likely that they will know the buyer or seller and will guide in a better way. However, how to know if a property agent is having direct connection with the buyer or seller? There are more than single ways of finding it out, read ahead to know some sure-fire ways of finding a genuine direct property agent. 1. Do the Research A little research before heading forward is always a good way of avoiding any depressing situation. When looking for a property agent, look for the ones having referable reputation and clients; since everything has gone digital, real estate agents that are looking to expand their business and client base have moved towards social media and other online mediums to market their services and acquire new clients. Google it and you will come across many real estate agents and companies working in Karachi, Lahore, Islamabad and the entire of Pakistan, visit your chosen agent’s website or online profile if dealing with an individual property agent and see for reviews and client testimonials. Meet the agent or the company and ask for their previous clients and the properties they have assisted in selling or buying. If they have everything in line then it is a good signal to move forward with them. 2. Direct Property Agent knows the Client Personally Property agents having direct connection with the buyer or seller will know the client personally. Usually, if any agent, company or individual, is working as an intermediary then chances are that they will not have in-depth and adequate knowledge about the property or the person buying or selling it, which indirectly means that they will not be responsible if anything adverse happens. Genuine and serious sellers and buyers chose reputable agents to work who know them personally and may be working with them for years. Ask them questions like for how many years they have been working together, what other properties the client has bought or sold through them etc. a successful agent will always know about their clients including their positive and negative sides. 3. Direct Property Agent knows the Property Inside Out This is no brainer. A direct and good property agent will always know about the properties they are managing and working with. There are many cases in which people landed in hot water because of investing in wrong properties including residential as well as commercial. In most of the cases, the property agents actually know about it and keeps the buyer unaware of it and this is because we strongly recommend you doing your research about the agent, seller or buyer and the property. Some of the common property issues include conflicts, evil or supernatural history, property rates that are less or more than what the property is really worth. Do your research and cross check the facts and information given to you by the agent, you will know if he has direct connection or not. 4. Direct Property Agent will set up Final Meeting with the Seller/Buyer This point is especially important if you want to meet the seller or buyer directly. Many sellers and buyers have no problems dealing with the property agents only without getting in touch with the actual buyers and sellers. However, if you are one of those people who want to have everything transparent, which we firmly recommend, then this is where you will know for sure if they agent has direct connection or not. Before the final deal or before even giving the token money, it is good to meet the actual buyer or seller of the property face-to-face. It is quite beneficial if you know the real person as then you would be confident about the deal and your decision. Find your ideal property with Jagahonline.com Jagah Online is a reliable and registered real estate company that deals in buying and selling of property like houses, plots, apartments, offices and shops in all Karachi, Lahore, Islamabad/Rawalpindi and other major cities of Pakistan. Browse through the available properties or contact us directly to discuss your dream apartment or commercial property.

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How to Transfer the Property after Making an Offer or Selling the Property

How to Transfer the Property after Making an Offer or Selling the Property

How to Transfer the Property after Making an Offer or Selling the Property? Looking for some assistance regarding property transfer matters? Property or land transfer can be of multiple kinds; for example, property transfer may be due to inheritance in which property is transferring from father to children, it could be in the form of gift in which the property owner surrenders the possession and gives it away as a token or gift to someone and property transfer can be the result of buying it. We assist aspiring home and property buyers in finding and buying residential and commercial property in Karachi, Lahore and Islamabad. Buying a property is no less than a success and transferring of property is the final and main part of deal, which occurs after final and full payment, in case of housing societies and shops and after immediate full payment in case of agricultural land and property. Transferring of property is a sensitive matter and a slight mistake is enough to ruin and waste the entire investment. Therefore, it is good to have an experienced property management source at hand to take care of the matters. However, some crucial steps involved in the transferring of property are: 1. Conducting Primary Research Before pricing and setting up your property for sale, do a primary research of the property and its market value. A property’s market value is based on a number of factors like the area, the type whether it is a residential or agricultural land, the surrounding area and its value and its government rate. Every property has a fixed government rate, which means that it is the minimum price for your property. Before putting up your property for sale, research and determine these factors to prevent pricing your property more or less than its actual worth. Same goes if you are looking to buy a certain property, look for its worth before deciding the price. 2. Find a Real Estate Agent or Consultant You can sell or buy a property yourself on your own but getting into property matters without proper and in-depth knowledge involves several complexities and technicalities that you may not be aware of. Hiring a real estate expert will save you from the potential dangers and shortcomings that are part of the real estate business and will help you find the right seller or buyer. Agents and consultants work on commission and settling the percentage beforehand is always better than keeping it as an after the deal matter. As a seller, provide the property information like the total area, rooms and household facilities and arrange a visit for the agent. After complete information and survey, give the photocopy of property documents as a proof. As a buyer, explain your requirements, preferred area and land and price range for his guidance. 3. Token and Initial Payment After you have found the buyer or seller, it is time to move the deal further by giving token money; token money is the symbol that both the seller and buyer are serious about the property and the amount is not fixed and it is entirely on both the parties that how much they wish to keep as a token. After token, the property is removed from the on sale list and the seller gives a photocopy of the property’s papers for verification. When being a buyer, make sure that you receive complete documents for verification, go through the list of required documents in this blog, and get it verified from the Sindh Revenue Board and Punjab Land Records Authority. After verification, the buyer pays bayana to the seller; bayana is 25% of the total price of the property and in case the seller wants to annul the agreement, he has to pay double the bayana as a penalty. 4. Filling of the Stamp Paper At the time of bayana, official stamp paper is filled; stamp paper filling is an essential step in the property buying and selling process and cannot be ignored at any cause. The standard is been set by the government and is to be followed at any cost. The stamp paper details the statement of both the parties that they have sold or bought the property in the fixed amount. In case if the payment is to be paid after some time, then the duration is mentioned in the stamp along with the penalty in case the buyer fails to pay in the agreed up on time period. It may also include other details decided as mutual consent and understanding. 5. No Demand Certificate (NDC) No Demand Certificate (NDC) is acquired from the local housing society, if you are buying a property in a housing society or your city’s land development authority. The certificate details that the seller does not have any standing or due payments and the taxes that are applicable on the seller and the buyer as well as the transfer fee and stamp duty. After receiving the certificate, the seller is to give a copy of it to the buyer. 6. Final Payment and Title Transfer The buyer will pay final and full payment to the seller; as a suggestion, the payment should be done at a safe place like inside the bank or the office. Once done, all the rights of the property are transferred to the buyer’s name, however, before complete handing over of the property there are some payments on part of both the parties that are to be cleared including Capital Gain Tax applicable on the properties sold within the two years of its purchase, transfer fee, stamp duty TMA and CVT tax. 7. Statement of Sale before Registrar After the final payment, both parties present in front of the registrar and declare mutual selling and buying of the property. At this point, the registrar asks the buyer and seller if they have received the payment or the property successfully and the agreement is done on mutual consent. Afterwards, the registrar orders the local land record officer to change the land ownership title and verifies the documents issued on the new owner’s title. About Jagahonline.com Jagah Online is a leading online real estate marketplace that deals in the selling and buying of commercial and residential properties. All of our dealers are registered agents and we register properties after doing thorough research and examination. Contact Jagah Online today to find your dream property!

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How to Check If a Property Has Any Claims or Liens Like Bank Loans Disputes Taxes Water Electricity Telephone or Gas Bills against It Am I Liable To Pay Any Such Standing Payments

How to Check If a Property Has Any Claims or Liens Like Bank Loans Disputes Taxes Water Electricity Telephone or Gas Bills against It Am I Liable To Pay Any Such Standing Payments

How to Check If a Property Has Any Claims or Liens Like Bank Loans, Disputes, Taxes, Water, Electricity, Telephone or Gas Bills against It? Am I Liable To Pay Any Such Standing Payments? Do you have your eyes set on that house or shop that you are so desecrate to buy? Have you checked the property properly? For people living in Karachi, Lahore and Islamabad and even in other cities and towns, it is not a new thing of knowing people who bought a property some time back and are now facing legal issues regarding its title claims. Besides title claims, many properties have unsettles payment issues that the seller cleverly transfers to the buyer without their knowledge. Property liens are common in real estate matters and people get to know about them only after they have actually bought the property. What are Liens? Liens are the standing payment associated with a certain property when the owner fails to pay its liabilities or bank loans. Other liens could be the land conflict, multiple tiles claims, fraudulent history, unpaid utility bills etc. in case the owner is unable to pay the liabilities the bank or court holds the right of selling the property to recover its payment. People are usually are usually aware of all this but still, innocent, especially first time buyers are duped by fraud agents and sellers who sell conflicted property and the buyer has nowhere to go. To avoid such circumstance, it is advisable that you research the property in detail and make sure that it is clean from any kinds of liens. Property liens are of four types: Property Tax Lien: This lien is associated with a property when the owner is unable to pay the due property tax. Each year, government puts tax on all the taxable properties, which is mandatory for the property owner to pay. In case, it fails to pay it on time, government puts tax lien on it and the owner has the risk of getting its property sealed. Mechanic’s Lien: This lien is applied when the homeowner has not paid the third parties like property builder, site workers, material; suppliers, engineers, contractors etc. and they have filed a lawsuit against him. Judgement Lien: This type of lien includes court cases in which the owner of the property is liable to pay money to the other party. This money is recovered by auctioning or selling the owner’s property, which also means that it is illegal for the owner to sell the property. Mortgage Lien: In foreign countries, people apply for mortgage to buy houses and in our country taking home loans from banks is similar to it. People obtain home loans to buy or build their houses, which is to be paid as instalments in the bank. In case, the owner does not pay the settled instalments, the bank holds the rights to restrain the property. How to know if the property is clean? Checking the property before buying is crucial and there are some clever ways of knowing if the seller is being honest and truthful with you. Some of the easy ways are: 1. Asking for Recent Tax Receipt Want to know if the property is having any tax liabilities or liens? Ask the seller for his recent tax payment receipt. Government issues payment receipt to the taxpayers when they pay the tax, which means that if the owner has the receipt there are good chances that the property is clean of any tax liens. It is advisable to ask for the copy of the receipt and confirm if it is authentic from the office because many people forge false receipts. 2. Asking for Recent Utility Bills Utility bills include Sui gas, electricity, water and telephone bills, non-payment of which may lead to the charge of lien on the property. When checking the property, ask for the recent paid utility bills from the seller and get the copy to check it from the concerned departments. If you mistakenly buy a property with standing utility bills, chances are that you will be expected to pay them. 3. Asking for Original Property Papers In case the seller has unpaid bank loans, the seller will not have the original documents as the bank keeps them with itself as a security. If you get the original papers, check that they have complete documents including the title documents, sale deed, mother deed etc. to prove their legal possession of the property. Get the copy of the documents and get it checked from legal resource to confirm its authenticity. 4. Checking from the Concerned Departments Once you get the copies of all the documents with you, contact the concerned authorities like land records, registrar, utility bills records etc. to confirm that the papers are real and there are no liabilities on the property. 5. Consulting the Lawyer Probably the best advice you could get on property matters. Hiring a lawyer takes off the burden from you as you will not have to do the work yourself and let the lawyer do all the work. Lawyers are experienced professionals that know how to check properties, dig out important information and give helpful advice and help, making them an ideal for the matters. Am I liable to pay any such standing payments? A simple answer to it is no. You are not liable to pay the standing payments and liens of the property. In case you end up buying any such property then, do not panic and consult an expert lawyer to handle the matters. About Jagahonline.com Jagah Online is an online real estate property management listing that helps potential and serious buyers with real and serious sellers. Our properties include residential and commercial properties like houses, flats, shops and land that are available at reasonable rates. Browse through our listing or give us a call to communicate your needs.

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