A how-to guide for safe investments in Gwadar

Gwadar has created quite a buzz in realty circles. The locality is attracting a lot of investment because of the China-Pakistan Economic Corridor (CPEC), and since we know that a lot of our readers are looking to get a piece of the Gwadar pie, we thought we would put together a how-to guide to help you all get the most out of your investments.

While there are plenty of decent projects you can invest in, there are also some sharks in these waters, so beware. Do your due diligence before money changes hands to ensure that the property you are investing in is really yours. Let us tell you how:

1.    Don’t fall for the price tag

Real estate in Gwadar is hot because of the attractive prices. Be wary of this honeypot, and do not rush to invest because something looks like it is cheap now and will be able to produce returns later. Look at all your options carefully and assess them in terms of the many pros and cons they offer before making a decision. At times, an unbelievably cheap price tag can be a sign something is off – do not ignore the red flags and avoid property scams.

In any event, please know that developers will ultimately ask you for development charges, so the price you pay now is only a part of the total you will be paying over the coming years.

2.    Do your research

At this point, the next logical question would be: how does one find out if an offer is fraudulent? Well start with the research. Think about it, Gwadar is not an area known to many. If you have a property that you might want to put your money into then start first by going to reputable developers. Talk to a few agents working in Gwadar and get rates from multiple sources before deciding on the property you want to buy.

3.    Use the Gwadar Development Authority (GDA)

The GDA website is actually a decent pit stop for your investment journey. The authority has a complete list of housing societies that were launched in the area for your perusal. You can see if the place you are investing in is approved and stable. Even the status of the no-objection certificates (NOC) can be checked on the website. No better place to weed out the bad ones than here.

4.    The Provisional Registration Form is your friend

We cannot stress this enough: make it a point to use The Provisional Registration Form for the Allottee of the Private Scheme document after you have made a purchase. Available for download on the GDA’s official website, the form helps confirm that the property you have just paid money for is actually your own, and will not be resold behind your back. Check it out here.

Fill out the form and send it back to the Office of Director Town Planning (the information can be found at the bottom of the form). The authority responds to requests for information within five working days. Once you get the final confirmation from the GDA, you can rest easy.

Since the GDA has all the information on approved housing societies in the area – including the maps, master plans and more – it will be able to tell you whether you really own the piece of land that was sold to you.

While Gwadar is an excellent opportunity for investment, some shady developers are re-selling the same plots to multiple people. That is not to say you should shy away from investing completely – just be vigilant and enjoy your investments.

The form doesn’t just help you, it also helps the GDA secure other people against fraud. The information that you provide will be added to the GDA database, much like information provided by other buyers. This helps the GDA take proactive measures against fraudsters and scammers.

5.    Don’t stay behind the scenes

A majority of investors looking at property in Gwadar are doing it remotely. Make sure you visit the area to have a look at what you are buying as well.  You should know where the project is located, how far away it is from important developments, and more. While you are at it, head to the GDA office and see under what conditions the NOC was issued to the society. The authority should be able to tell you how much land was transferred to the developer, share town plans and even maps for the area. This way you will not end up a victim of societies that have 1,000 plots but sell them ten times over.

Tackling fraud

What should you do if the GDA returns after their check and finds that you have paid money for land already sold to someone else? You can reach out to the authority for help in recovering your money as well. The GDA is extremely strict about keeping developers in check, and will take any fraudulent elements to task immediately and sternly.

The Gwadar area is peppered with societies that will produce long-term returns for people that choose to invest right now. There is no need for you to miss out on the realty action because of some developers that would rather game the market – just do your due diligence before you buy!