Securing a piece of land so that you can call that place a home later is a natural human instinct. No one can deny that this is hands down the biggest investment of one’s life. We work, engage in hassle, and do everything in our power to make sure that at the end of the day, we have a place that can be termed as your own.
Real estate is becoming a safe and sound option for investment in recent times. It is transparent, less invasive, and offers a wide range of options for those who are investing. But a major concern of people is how to land a real estate project that is safe. This is important to know about because of the increased incidences of malice and fraud. Therefore verifying whether a society is legal or not is of utmost importance.
But how can someone understand the truth beneath the surface in the midst of all the legal jargon and plethora of societies to choose from? This head-scratcher is what we will be answering today in this blog.
What are Illegal Housing Societies?
An illegal housing society is a real estate project that fails to cater to the basic requirements of the management or the authorities. Hence such properties cannot produce approval from municipal organizations.
If we are to look at some of the statistics of recent times, Lahore alone is brimming with almost 90 illegal housing schemes. The condition of the other main cities of Pakistan is pretty much the same. That is how these illegal housing societies end up trapping the customers in the net of false practices and deceit.
That is why make sure to do your research before diving deep into this market. The only saving grace in otherwise complicated scenarios is the right guidance.
Reference: Lahore Smart City NOC Status
Why Does Approval from Authorities Matter?
In case you ended up investing in an illegal housing society you are bound to face severe loss. Because when the authorities finally catch a glimpse of something illegal happening in the area that property will be demolished.
Therefore, if you want to check the legal status of a housing society in Lahore you can access the list which is provided by the following:
- Lahore Development Authority
Moreover, if you want to check the legality of the housing status in other cities. You can do it by accessing the websites of the following:
Investors should not only rely on the websites but should also do their research by visiting the facilities.
What are the Factors that Entail the Legal Status of a Housing Society?
In order to ensure that a person is not suffering from the loss of their hard-earned money. Here are some things that should be common knowledge:
First and foremost, the main thing to understand and seek out is the total land capacity which is approved by the authorities. This is necessary because in case even a quarter of the land is not approved it will open the door for various problems for the investors.
On the contrary, if the land provision documents and the information provided by the investor are the same, then there is not a single reason for you to doubt the intention of the developers of the housing society.
As an investor, you can ask the provisioning authorities about the documentation. This documentation will help you to get a clear idea of how far along the residential project is in terms of acquiring the NOC.
Another keen thing to pay attention to is the marketing of the housing society. If the visual representation is more strong rather than the actual status of the development, then this means that the housing society and its developers are building a false pretense.
Because an absence of clear development visuals on the ground is a clear-cut hint that something is fishy. Therefore make sure to pay a self and real-time visit to the onsite location and see for yourself.
This one is a sure shot and is a direct hint of the legality of the housing society. The market presence, previous history, and track record everything can paint a clear picture of the housing society. Therefore before investing in any real estate project, verify the name of the associated developers and see their market repute.
In addition to their previous projects, you can also verify their prowess by visiting the official website of FIA.
Last but no least, acquiring the right real estate advice is necessary because it is what will help you to get to your goal. If you have the right agents by your side, they will surely aid you in the whole house-buying process.
Moreover, they will also protect you against scams and fraud which might lead you to a situation where you end up losing your investment. All the research will be conducted by them and all you have to do is make sure that you have the right agency by your side.
The Bottom Line!
Real estate no matter how secure as an investment venture is a tricky area. One wrong move and you will be trapped in an endless cycle of poorly made choices. That is why make sure to check the legal status of the housing society before you are investing in any housing society.
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