Who does not want to have their own property in Islamabad, the beautiful capital city of Pakistan? It is the dream of most people. It might be the dream for you too, which is why you are here. We have enlisted a few things that you should consider while you are doing a property search in Islamabad.
This is the first and most crucial step of all steps, your budget. If you have decided that you will buy a plot in Islamabad, you must have the budget. Your budget can include your savings or loans or any other means by which you can get a huge sum of money. This money will determine which plot you can buy. If you still do not know your budget, we advise you to calculate all your savings, talk to the bank for however big a loan you can get, and other means by which you can get money. After that, add them to get an idea of what you budget it.
At all times, you should always consider the additional costs that might pop up. You are looking for empty plots; there are many things that will cost you money. Not just buying a property in Islamabad, but you will also need to keep in mind the construction cost. Even If you do not do construction right away, you still need to consider the construction cost. Then, right after construction, there is interior designing, furnishing, and so many other things to be done.
Property Taxes 2022
In 2019, the FBR had increased valuation rates of property by 30 to 85 % however, with effect from December 1, 2021, these valuation rates for property in Islamabad have increased further ranging widely from 100% to 600%.
Valuation rate of plots in:
Sector D-12 has been revised upwards from Rs 53,295 to Rs 100,000 per square yard,
In E-7 from Rs 94,500 to Rs 350,000 per square yard
In E-11 from Rs 41,800 to Rs 110,000 per square yard.
In F-6 from Rs 93,500 to Rs 200,000 per square yard.
In F-7 from Rs 91,700 to Rs 350,000
In F-8 from Rs 88,000 to Rs 129,000.
In F-11 from Rs 74,800 to Rs 140,000
In I-8 Rs 116,400 per square yard.
Valuation Rate for Apartments:
The valuation rates for apartments are fixed at:
Rs 201,500 per flat in F-6
Rs 8,000 per flat in E-11
Rs 105,000 per flat in B-17
For the commercial area in Islamabad’s Blue Area, the valuation rate is fixed at Rs 680,420 per square foot per shop and Mezzanine flat/offices Rs 174,560 per square foot. For Super Market ground shops, the valuation rate is fixed at Rs 240,000.
Now you have decided that you are buying a plot in Islamabad. However, that is not enough. It would be best if you were more specific with your location. Which area in Islamabad? What housing societies in Islamabad? Many housing projects are going on in Islamabad. If you still have not decided, then read about affordable housing schemes in Islamabad.
Location is very crucial to decide beforehand. You are investing in a plot that you probably are going to live in in the future. This means that many things need to be considered before you even choose the location itself. This location is your future, your lifestyle, and it will give you a return on your investment. Therefore, be very mindful when choosing your location for buying property in Islamabad.
The plot’s nearness to the city’s center, the public transport nearby, workplace distance, schools, colleges, universities distances, hospitals, clinics, pharmacy nearby, Supermarkets and shopping centers nearby should all be considered. Choosing a location can be a difficult choice that will require you a lot of thinking and research.
A crucial step in buying a plot in Islamabad is checking the legal status of the plot you want to buy. It would be best if you made sure that the plot is legal. Illegal plots will be demolished, and it does not matter who lives in them. Therefore, look for the legal status of the property in Islamabad that you want to buy. It does not matter what property you are buying, a plot, a house, an apartment, or anything else; checking if it is legal is very important.
How you can check the legal status of the property is very easy. More popular areas like Bahria town, Gulberg Greens, or DHA can easily be checked for legal status. In Islamabad, all of its land records are recorded in computerized form. There are also on-location offices from where you can check the legal status. However, the newer housing schemes can be risky; therefore, you need to check for the land documents, and the CDA issued NOC.
You are buying a plot in which you are probably going to be living a long time. If so, then you need to check for all the necessities of life. These include the facilities of electricity supply, water and gas supply, and security, etc. However, that is not all; many other things like facilities of the area, parks, clinics, roads, streetlights, and the cleanliness of the area also matter a lot. Many great housing schemes provide all of these and many more. You need to do some research, for which you can check out more of our blogs!
Check out the Plot
You need to visit and check the plot or property you are buying at least once. Do not trust a video or a picture! Pictures and videos can be deceiving. What looks like a huge place on the screen might not look as big in reality. Therefore, always check the property yourself and check the groundwork and developers progress before buying property in Islamabad.
If you want to be extra careful or need expert help, then be sure to consult a Real Estate Agency. Many people might not have much experience; therefore, they need an expert’s guidance and advice on these matters. These matters are not a joke but a huge investment. Therefore, we advise you to consult a real estate agent to help you out. For this, our Experts at Beacon Investment can guide you that. We at Beacon Investment have years of experience. Therefore, we understand more than anyone does how important an investment in a property is. For more information or news, check out our website!