There have been many new developments over the last couple of years on the property market in Pakistan. You will find that nearly every major city across Pakistan is undergoing significant development by researching in a credible property portal such as Pakdial. So you should be aware of the differences between properties, particularly between the plot and plot file if you plan to invest in real estate in Pakistan. Every new property scheme brings investment opportunities to both local and foreign investors, regardless of the size of the project. We are going to share full details and important facts to clarify the difference between the two to make all these items easy to understand. Let’s begin by defining these two terms
In the real estate world, the term plot refers to a residential or commercial property owned by an individual or a legal entity. Unlike a property file, it is numerical, physically marked, and mapped by the governing authorities in a particular society or real estate system.
It is a developed property, in short, that you can physically visit and see. You will be aware of the current location of your investment. And also, plot numbers are included.
A plot file is a documented promise of land in a planned or existing housing society that covers a specific area. It does not have a physical existence and no development authorities certify it. However, after the balloting stage, plot files are converted into actual existing plots.
If the plot file does not include the stamp, the development authorities are not authorized to accept the file and are not liable for your loss. Remember always that you invest in plot files that the development authorities have balloted for.
In simple words, track records are infarct the initial step of any property offered at lower prices by a housing society. An investor may invest in a society plot file and once the balloting is done, the location of the plot is assigned and the numbers are displayed on the map.
Where should you invest? In plot or plot file?
Two words are sometimes found in the real estate industry: plot and plot file. Regrettably, individuals do not understand the discrepancies between plot and plot files. You think it’s the same, but the two words are miles apart. Buying a property in Pakistan is an enormous investment – perhaps your life’s biggest investment. You should consider these two options carefully when choosing between a plot and a plot file when you go for a property deal. In newer societies, a plot is available as well as in old societies. It is a piece of land which, in most cases, is both numbered and marked. Prospective purchasers of a plot can visit the site they plan to invest in easily.
It’s also a major difference between a plot and a plot file. This factor could also affect your decision to invest.
Plot File Associated Risk?
Plot pictures are usually untrustworthy. If you want to purchase a plot file, only take into account the files that the development authorities accept. If the authorities do not include a stamp in your plot file, it cannot be purchased because it is of doubtful validity.
Types of Plot file
However, there are two different types of plot files: Affidavit and Balloted.
An affidavit file is an open letter to a property that can be transmitted on behalf of any person or entity purchasing that property. After the property is successfully passed on to the buyers, they are informed of the completion of the transfer procedure by an intimation letter.
It is a process in which parts are assigned to the possible buyers in a particular project. It is a point of interest between the applicants in the proposed development of plot files and plots. Book ballots and a plot ballot are of two types.
Since you know that the difference between a plot and a plot file is significantly important, where do you plan to invest in Pakistan?
If you have any questions or suggestions on the subject we discussed in this blog. To find out more interesting pieces about real estate developments across the country subscribes to Pakdial Blog – Pakistan’s best real estate blog.