fbpx

what is the Difference Between File and Affidavit or Allocation?

The file is Either an Affidavit or Allocation, In general, when someone requests a DHA FILE, its interest is to receive something without development charges. so later he/she can pay it in installment.
A file can be balloted or non-balloted. This means the file has been assigned a plot number even before possession or the plot number may be assigned later in the balloting.

It is common for files to be booked on an installment plan for 3 years for the land cost or 3 years for development charges in most cases. Before investing in a file, one should understand how much time is required for Possession

Must Read the Difference Between Allocation and Affidavit

How do I verify a society?

When you select an area of City that you would like to live or invest in, the next step is “How to Verify a Society”

The following things can be taken into account before investing in any society:

  • Does Housing Society have a cooperative license?
  • In the Revenue Record, is the land transferred under Society name?
  • Does the Housing Society have an approval letter from the Local Development Authorities (LDA/CDA/GMDA/FDA) as per an approved map?
  • Is the Housing Society setting up water, gas, electricity, sewerage, etc. on-site

Recommendation: Pre-Launch bookings are strictly forbidden. It is best to wait for the official launch of bookings by publishing in a major newspaper (s) the exact location, the booking schedule, the payment date, as well as the tentative start date for possession.

Local Authorities usually place advertisements in the local papers with local warnings about unapproved projects. Usually, these local Authorities have a list of approved and unapproved housing schemes on their sites, or you may visit the office to verify the scheme.

Marketers may highlight a project for their interest that they are currently involved in.

Balloting what is it?

Pakistan Real Estate uses the term balloting to assign plot numbers to the allottee for a given project. The ballot in general means “to allocate (something) to applicants by lot”. The Pakistani Real Estate Market is currently experiencing two types of ballots:

1. Ballot for Booking
The Booking Ballot refers to a procedure, in which a project is being offered on installment payments, and people apply for a booking, then a ballot is held to decide if they are successful or not.
2. Ballots for the plot
Plot Number Ballot is a draw where plot numbers are assigned to each allottee against their file, i.e. a map assigned with plot numbers.
Recommendation: Nowadays people are sometimes taken advantage of by Agents / Developers / Builders / Authorities who claim to be holding registration of a plot ballot, it is advisable to inquire before booking property whether it is a confirmed booking or a booking ballot.

Is it better to invest in a residential property or a commercial property?

Commercial investment is a better investment in terms of value as well as rental income as opposed to residential investment. Investing in residential properties is for individual or personal living and investing in commercial properties is for business or earning.

Recommendation: Prior to making investment decisions, consider the following things:

  • Is this investment going to be used for commercial or residential purposes
  • Specific population area that is ideal for commercial or residential investments
  • Are the amenities/facilities provided in the society are feasible for residential or commercial Investment?