Files are not 100% secure investments. Files were a source of blessing for real estate investors having lower budgets. Now it falls into a shady investment due to continuous scamming from developers or inability to meet the commitment that they made with their clients regarding growth and timely delivery of plots.
There was a time when people invested in files to buy a plot for 35 Lac which converted into 1 Crore with time. Still, a few questions remain unanswered to be addressed about the investor’s responsibility, most importantly the one who invested in the file, how they got out of it.
Let’s get into the details of the potential of file investment in real estate or its best alternatives to secure your funds in the long run.
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Are the real estate investors themselves responsible for becoming the victim of file deception?
Investors have the problem of a lack of research and experience in buying real estate. But the real culprit of this scenario is developers. Even the main channels of Pakistan run the ads of those developers who have a record of making scams with people. It is the goodwill of channels that convince people about the credibility of the project.
Developers don’t have ownership of land or have ownership of only 500 plots but sell 5000 files to deceive investors. They don’t have selling rights and even the land does not exist in the first place.
The main investors who are hit by such schemes are the buyers with budget constraints. They just consider the lower down payment and easy installments and pour their hard-earned money for future gains.
What is the role of regulatory authorities to avoid such real estate scamming?
A government is taking taxes from people to provide them with security and other facilities in return. It’s the responsibility of government authorities to narrow down such developers and capture them for their crimes.
Another possibility is to legislate laws and acts for developers to show what they have on the ground and share them with investors to maintain a high level of transparency to avoid any inconvenience.
What should be the checklist for proper real estate investment?
As an investor, you need to have a proper checklist to make your file investment successful among others. They include:
- Do some research about the previous successful projects of a developer. It will give you a chance to see how credible and committed the developers are.
- Analyze the security of the project by demanding proof of ownership by the developers.
- If a developer has a record of delivering the society, you need to see the level of development they did in the society.
- Scrutinize the fluctuation of the level of prices at the time of launching the project till today.
- Read the terms and conditions of the form.
- You also have the right to make a separate agreement to ensure whether they are confident about their project or not. It could be about buying back terms. They will sign any agreement with you if they have a plan and forecast their success in the coming days.
What is the difference between fluctuation and real profit on your real estate value?
When demand and supply change in the real estate market, it creates artificial own over files. But it’s not real profit. The real profit is always sustained and generated due to development such as after the construction of Winterland and Carnival in Bahria, the plot prices in the surrounding region increased by 1 Crore.
What is the way out from the real estate plot file after buying it?
If the developer begins to transform the project, it will enhance the chances of your file being more valuable. Exchange the file with the same developers for on ground plots in their other established projects by giving some extra money to them. You can also sell the file on lose to get rid of it.
Recommendations by CDB Properties
According to CDB Properties real estate experts, the right way to secure your funds is by buying a plot on one shot payment. If you don’t have the budget, it is advisable to wait until you have enough money to own real estate in a developed society with on-ground plots. For buying a plot, you can consider residential deals from Bahria Town that give you 3 to 6 months to clear your plot. Contact CDB Properties for buying the best residential or commercial spaces at reasonable prices today.
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