Making an investment decision is not as straightforward as it may appear, especially given the prevalence of real estate scams in Pakistan, which may result in a significant loss of money if you are not cautious. It is recommended that the investor perform an extensive study to select the best investment possibilities based on the OADD framework. However, with so much information available online, it can be difficult to know where to begin.
To overcome these obstacles, you must guarantee that the real estate project in which you are investing has met the OADD criteria:
Avenue5 International, Pakistan’s best property marketplace, has created a guide on these elements to consider before making sound investment selections.
It is critical to first determine who owns the property in question. In rare circumstances, the owner may lack the legal authority to sell it. This can lead to a variety of issues on the road, so do your research before making any judgments.
The first step is to investigate if there is any record of the property with the local municipality or land register office.
If the property is not registered, it may be difficult to locate the owner or obtain more information. Requesting a simple property report from Avenue5 International will provide you with a complete report on the property’s ownership.
Another crucial thing to evaluate is the property, society, dwelling, or rental approval status from an authorized regulatory authority.
Investing in an unauthorized real estate project can be dangerous; if it turns out to be a fraudulent operation, it will be difficult to recover your money. Unapproved societies may also not provide the same degree of protection and advantages as certified societies. As a result, before making a final choice, it is important to conduct research and ensure that the proper authorities have authorized the society in question.
Similarly, confirm that the scheme has gotten a No Objection Certificate (NOC) from the relevant authorities and thus does not break any rules or regulations.
All 14 NOCs required for any housing project are listed below:
- Documents of ownership
- The project’s approved layout design or site plan
- Initial planning permission for a development project
- Design Venting Committee letter approved (DVC)
- Building Control Directorate, CDA permission letter for building plans
- Building plans that have been approved and examined by the appropriate authority
- Certificates of third-party vetting
- CDA permission for access road (where applicable)
- In the instance of GT Road, a letter from the National Highway Authority (NHA) has been approved.
- Civil Aviation Authority height clearance certificate (CAA)
- Approvals for utility connections
- Letter of approval for a fire fighting system
- Pakistan Environmental Protection Agency approval (Pak-EPA)
- Certificates of completion for buildings
Investing in a housing plan without a NOC is a hazardous undertaking since there is no certainty that the proposal will eventually be authorized by the authorities. This might result in the plan being canceled or postponed, resulting in the loss of your investment.
Before making an investment choice, it is also prudent to investigate whether the developer has previously completed projects. This will offer you an indication of their track record and whether or not they are likely to execute the present job on schedule.
You may also check with the local government or housing authority to discover if there are any complaints or lawsuits filed against the owner. Finally, you may speak with others who have previously invested in one of the owner’s initiatives to determine if they were happy with the outcomes.
The location is another important thing to consider while investing. Is the home in a sought-after ideal location? If this is the case, the odds of the property increasing in value are significantly higher, and you will be able to sell it at a better price.
You may research the neighborhood and current market trends and chat with real estate specialists to receive their opinion on the project.
How To Invest Right?
Avenue5 International aims to raise awareness about typical real estate mistakes, issues, and solutions. It provides you with accurate and thorough information about all of your real estate assets.
It also offers technical consulting services and approval reports for investment projects. Finally, it provides legal insight into the housing project’s delivery and demand. Avenue5 International has its own projects where you can invest safely and can get high ROI. To date, Avenue5 International has introduced four projects under the names “Times Square” and “The Dunes Mall” “Avenue5 Central” & “D’Olive”. All of these projects are with all the upscale amenities and conveniences you would require for a comfortable yet opulent lifestyle. Additionally, their investing guide is simpler, and their property consultant is honest, trustworthy, and most important.
Please contact Avenue5 International for further details.