Property Ownership in Pakistan is the key element of holding any property or asset. Real estate is the most money-spinning and trending industry in the country right now. Whether it is the end user or an investor working and trying to make or grow money or savings, all are now paying attention to real estate investment. If you are considering going for some high-yield projects in order to make a golden stock, Real Estate is the best and unsurpassed investment option to breed your money. Real estate is a type of real asset, meaning that it is something you possess attached to a piece of land. It can be used for residential, commercial, or industrial purposes, and typically includes any resources on the land with several resources merged into it, enhancing the property’s worth. In terms of property possession, three major terms are involved as stated by Makeen Marketing:
Private possessions state the possession of assets by isolated parties – essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, and intellectual property (copyright, patent, trademark, and trade secrets).
Public property states to assets owned by the government (or its agency), rather than by a private individual or a company. It belongs to the public at large. Examples may include many parks, streets, sidewalks, libraries, schools, and playgrounds that are used regularly by the general public.
Collective property (also called cooperative property):
Collective property refers to the ownership by a group for the benefit of members of that group.
WHY IS OWNING OR POSSESSING OF THE PROPERTY IMPORTANT?
The professional or experienced investor in this field always considers the investment in the area that is completely owned by him. One of the furthermost significant and tempting motives in real estate is the full possession of the asset. When you are buying a property, you should get a full proprietorship of your asset, and then nobody can take it from you because you have all the legal rights to it. In other forms of investment such as stocks, mutual funds, and vice versa, you do not get the tangible asset and its ownership. That being said, real estate permits you to have control and ownership over your assets.
Go to the society or authority’s office to verify the transfer and/or allotment letter document. This will confirm the status of the property you wish to buy. When you’re selling property, ensure that the transfer letter is issued to the buyer in their name.
Give a read to our latest article: Ways to increase your Property Worth.
How to Check Property Possession in Pakistan?
You can find all Punjab and Sindh property records online at www.punjab-zameen.gov.pk and sindhzameen.gos.pk respectively. Select your district, tehsil, and area from the drop-down list. Enter your CNIC number or property number to check property ownership in Pakistan.
Land Record Management Information System (LRMIS):
The Punjab and Sindh authorities have designed a system officially that is a progressive automated portal that is retained and supervised by the relevant returns establishments. These stages and advanced portals have made a speech to few of the most established and prevailing matters in real estate connections. They attend thousands of publics every day, who are looking to invest or are interested in buying land. It has also wiped out difficulties related to the land mafia, dishonest agents in the country, and other public misconduct in the field of real estate.
Verifying the Property Possession in Punjab:
In demand to authenticate assets possession in Punjab, Makeen Marketing has listed the following steps:
- Search for the website of Punjab Land Records Authority i.e. Punjab-zameen.gov.pk.
- After the home page appears, click on ‘Property Registration’, and you will be sent to https://rodportal.punjab-zameen.gov.pk/.
- Choose your district and the nearest service area.
- Choose the search type from the drop-down menu. This can be by CNIC, registration number, and your name.
- Lastly, tick the ‘Search’ to complete your inquiry.
The webpage also shows the total number of properties transferred within Punjab in the last three years.
Verifying the Property Possession in Sindh:
Here are the steps listed by Makeen Marketing for verification and authentication of your land asset in Sindh:
Search for the sindhzameen.gos.pk or click here.
The next page gives you two options on the home page to complete your query and search either by name or by CNIC.
After that, you will have to choose the Taluka (tehsil) from the drop-down and Deh (district). For a valid search, you will need to enter the full name of the possessor.
After entering all the information, you can click on ‘Search’ to get the results.