Punjab Simplifies Property Transactions for Overseas Pakistanis

Punjab Simplifies Property Transactions for Overseas Pakistanis

Lahore: The Punjab government is planning to amend a 116-year-old law to help overseas Pakistanis sell property without legal complications, as reported on June 24. This significant amendment aims to address long-standing issues faced by Pakistanis living abroad who wish to engage in property transactions in Pakistan.

Currently, under Section 31 of the Registration Act 1908, overseas Pakistanis are required to register their power of attorney and send it to Pakistan to buy or sell property. This process is not only cumbersome but also prone to legal issues and fraud. Many expatriates have faced significant challenges, including the risk of fraudulent activities and the high costs associated with traveling to Pakistan to manage their property affairs.

The planned amendment will streamline this process by allowing expatriates to submit their sale deed statements directly to their embassies, thus avoiding the need to travel to Pakistan. After modifying Section 31(1) of the Registration Act 1908, expatriates will only need to appear before a designated commission officer at their local embassy to handle property transactions. This change will ensure that the process is more secure, efficient, and less expensive for overseas Pakistanis.

Furthermore, the person involved in the transaction in Pakistan will be verified at the sub-registrar’s office through the NADRA system. This additional step will enhance the security and authenticity of property transactions, minimizing the risk of fraud and ensuring that all parties are properly identified and verified.

With this effort, the Punjab government and the Ministry of Foreign Affairs (MOFA) hope to lower expenses and streamline the real estate transaction process for Pakistanis living abroad. By allowing a power of attorney to be registered and verified at local embassies, the amendment will provide a much-needed solution to the legal and logistical challenges expatriates face.

The proposed changes reflect the government’s commitment to supporting overseas Pakistanis, who contribute significantly to the country’s economy through remittances and investments. By making it easier for them to manage their property affairs, the Punjab government hopes to encourage further investment in the real estate sector, ultimately benefiting the broader economy.

The planned amendment to the 116-year-old Registration Act 1908 will modernize the property transaction process for overseas Pakistanis, making it more accessible and secure. This initiative is expected to positively impact the real estate market in Punjab and provide much-needed relief to expatriates.

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