Real Estate Investment Fraud in Pakistan: Protect Yourself as a Buyer

The real estate investment in Pakistan is constantly expanding and changing. There are numerous high-quality housing developments, apartment complexes, and commercial ventures accessible for habitation, investment, and commercial use. Despite the enormous expansion, there is also an increase in real estate fraud and scams. Customers are aware of several frauds and scams in today’s world.

Scams involving real estate in Pakistan range from bogus guarantees to forged documents, discount deals to ownership frauds, and many more. Let’s talk about various scams that frequently occur in Pakistan that investors should be aware of before making any decisions.

Common Real Estate Scams in Pakistan

The common types of property frauds & scams in Pakistan are as follows!

Untrustworthy Real Estate Agents

There are so many real estate brokers professing to be legitimate realtors today. But not all of them can be trusted. Many investors fall for the false assurances and offers made by unlicensed real estate agents. However, these agencies receive a sizable sum in the form of booking fees from gullible buyers.

Many people fall victim to this fraud because they trust the agents without adequately investing in them. Many builders and brokers deceive customers by providing enticing discounts available for quick booking. Due to their ignorance and lack of research, the investors must deal with these scams.

Fake Documentations

One of the most prevalent real estate scams that typically target investors is the use of fictitious or fake documentation. In place of authentic property paperwork, builders and brokers give investors false copies when they purchase real estate.

Without seeing the actual documents, the buyers enter into agreements and payments that subsequently cause them to face several major issues. You cannot claim the property as your own or sell it if the documentation is not genuine.

Fake Or Incomplete NOCs

To guarantee your future, you must put money into housing projects that are legitimate and NOC-approved. Although people are aware of this reality, they are nevertheless duped by phony or insufficient NOC documents. Sometimes the entire plot of land for the housing project is rejected.

Builders and brokers, however, display the NOC of the permitted area while selling buyers’ plots in the prohibited area. As a result, the properties cannot be delivered because they lack the necessary paperwork.

Incomplete Development Scam

Another prevalent real estate fraud in Pakistan is displaying a phony development status and progress rather than the genuine state. Developers in various societies demonstrate the rapid rate of construction and development. As a result, they are compelling when discussing roadways, main gates, and border walls.

Buyers may occasionally decide that the work is sufficient and that such schemes are the best ones to invest in. But this is wrong. The infrastructure of the society may be growing, but occasionally the major projects, such as sewage, electricity, water connection, road leveling, and other things, may not get done. As a result, the buyers experience delays in receiving the property or taking ownership.

Making Return On Investment Too High Than Actual

The builders are attempting to sell a sizable number of properties during the first stage of their housing project in order to meet their funding and development needs in a fiercely competitive real estate market.

To accomplish this, property con artists deceive investors by guaranteeing future overpriced prices for the property they wish to seTor to entice purchasers, real estate agents and builders sell their projects by promising huge investment returns. By displaying the fictitious market worth of the property, they advertise and sell it.

Fake Promises

When selling properties, builders may make fictitious and fraudulent promises to the purchasers and then fail to keep them. This scam may appear in a variety of ways, including deceptive promotion of facilities, fictitious neighborhood vistas, alluring discounts, etc. Some gullible purchasers fall prey to the utopian paradise portrayed by the developers because they fail to research the true state of society.

Selling A Single Property To A Variety Of Buyers

In Pakistan, this is yet another perilous property fraud that most people are unaware of. A single property is sold by real estate developers or brokers to multiple buyers using fictitious paperwork and other deceptive methods. This goes against the idea of selling the house

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Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

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