As DHA Karachi is very well known and reputed authority because of it’s clear documentation procedure. DHA Karachi is completely reliable and provide full proof procedures to support their members. Because of this confidence and secure transfer procedure, many plot owner leave their plots as it is for years, and even after 20, 30 years the plot is safe. Nobody can encroach any open plot and any other threat.
These are the things that made investments in DHA Karachi property more healthy and fruitful, and the returns are the excellent for last many years. Although many times market follow the different trends and price goes up and down but ultimately if we see the long term moves of the market, an excellent ROI for all the stake holders has been witnessed.
Recently DHA Karachi announced that presence of Seller and Buyer (Both) at the time of Sign Before at DHA and DHA City Karachi will be mandatory with effect from 1st January 2014. Here is one thing that should be cleared that before this announcement, only Seller has to be present with original CNIC and do the signatures in front of the DHA Officer. The DHA Officer will complete the transfer of property, do the photo session and take finger prints for the safety and security as per the DHA’s stranded operating procedure. There is no need for the Buyer/Transferee to be present at the time of Sign-Before.
In the DHA City Karachi (DCK) transfer cases, there is a need to submit the Indemnity and Affidavit Bond from the Buyer as well but no need for him/her to be present at the time of Sign-Before, only Seller will be present.
Later, the Property Transfer Set is submitted in DHA office and the transfer procedure will be completed in a certain period of time. But w.e.f 1st January 2014, Buyer must have to be present at DHA office for the transfer of property in both DHA Karachi and DCK. Although this kind of practice were already followed in DHA Lahore and Islamabad but now the Karachi office will follow the same practice.
Pros & Cons:
- By following this practice, transaction will become more clear and secure for both buyer and seller.
- Unethical trading practice will be discouraged.
- Market prices will not move very rapidly like earlier witnessed and market will be stable and will increase slowly and gradually.
- Token trading system will be discouraged and it is very good for the market in the future.
- Safety and security for real buyer and it is a healthy practice for Real Estate Trading.
- There is only one negative point i.e. it will be difficult for Overseas Pakistanis to buy property, who will have to visit at the time of transaction and will bear high traveling expenses, which will discourage them to invest in DHA Karachi.
As mentioned above that the only negative point of this decision will be the investments from Overseas Pakistanis. For example, if any overseas want to make investment in DCK, with PKR 3 to 4 million, it will be difficult for them to visit all the way from USA or CANADA etc and spend huge amount on traveling just to invest this small amount.
Previously there are many examples of this kind witnessed in which buyer was not in Karachi, and plot has been transferred in buyer’s name through his/her representative and deal was possible. It’s our request to the concern authority to follow some procedure for these kind of cases and grant special permission for Overseas Pakistanis to appoint their representative by authorizing to go through the deal in their absence.
This article is written by Mr. Muhammad Shafi Jakvani, CEO – Citi Associates.