Property Law

Sale of Disputed Properties in Karachi Pakistan

Recently due to imposition of new taxes, investors are avoiding to purchase the properties for which they have signed agreements, the only reason is decrease of market value of the properties. Now a days everyone is trying to sell properties in the market, but there is no actual purchaser. Therefore the said principle of demand and supply is applicable in the property market, as there is too much / high supply and very less demand, therefore value of properties are decreasing day by day.

If you have executed an agreement for sale of property and now purchase is not willing to pay the remaining sale consideration for completion of sale agreement, then we can assist you by filing a case for specific performance of contract for enforcement of agreement executed between you and the purchaser.

There are many judgments of High Court and Supreme court of Pakistan for specific performance of the contract.

Disputed Properties KarachiPeople who are real owners of the disputed properties are generally fed up of trying to sell their valuable properties, but they can not get proper value of their property because their properties are disputed. What are the disputes some encroacher or Land grabber has illegally occupied their property and the gentleman or gentle lady can not get vacate their property from the encroacher, land grabber.

Property possession Karachi PakistanThe position is very worst for overseas Pakistani, who while leave Pakistan handover the possession of their property to their friends and relatives for taking care of the property, but after few years they find that their friends or relatives have encroached on their land. The close friend or relative neither pay the rent of the property nor he is ready to vacate the premises, so the actual owner can rent out the property or get possession of the same, in other words it can be said he had lost his property for ever, simply by trusting his close friend or relative.

Tenant Occupied Rented House KarachiSome times people rent out their valuable property to tenant, but after some time when owner of the property ( the landlord ) need property for his personal use the tenant refuses to vacate the property, the gentle owner of the property has to file the case for eviction of tenant and then has to wait for the decision of the court and decision of appeals if any filed by the tenant.

Sale Purchase Disputed Property KarachiNow a days there is practice in the Karachi, that some influential persons purchase these type of disputed property at the value of 25% from the actual owner and easily get possession of the property. On eviction of encroacher the value of the property because as per market value and the influential investor get more than 300% profit on his actual investment within 6 to 18 months.

Disputed Property is not just a phrase of two words but it is the spread term that thousands of people use to find a good dispute property buyer or a real estate agent who can help them sell disputed property. Whereas the cases of disputed property are countless- the number of good real estate agents who actually buy dispute property or help people to sell disputed property is less. Wherever you go in this world of dispute property will be available for sale, but buyers for disputed property are less, if any buyer is available he will be ready to purchase property in less than 25% of the actual value of the property.

Disputes can be of many types- such as: Homeowner and tenant dispute: You have given your home to someone on rent but that person is now denying emptying it. In other words- the tenant has occupied the home. Shop owner and tenant dispute: You have a shop that you have given someone on rent to make some regular money but now the person has occupied the shop. The person is not increasing the rent and also not emptying the shop.

Land and owner dispute: You have some land in other city or village and you live in other city. Someone else occupies that land.

Family Property Dispute Settlement KarachiFamily dispute: You are three brothers/sisters (can be more) who live in different Cities and Countries. One of the brothers/sisters is staying in the ancestral home has totally occupied the home and denying to give a portion or benefit to others. Likewise- family disputes in property can be of many types.

No paper dispute: You are living somewhere for a longtime but you do not have home registry or other legal documents. These are a few types of disputed properties which people are facing now a days.

We always encourage our clients to get re-possession of their property by applying legal process, so they can get proper market value of their property.



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Property Valuation FBR State Bank of Pakistan

FBR Pakistan Tax Property ValuationThe Finance Bill 2016 an amendment to Section 68 of Income Tax Ordinance, 2001 had been proposed under which commissioner Inland Revenue had been empowered to reject the collector value of provincial government and appoint valuation committee to ascertain fair market value to determine the income tax.

The amendment seeks to determine fair market value of property without regard to value fixed or notified by any provincial authority for the purpose of stamp or for any other purpose.
Property of posh areas in big cities like Karachi, Lahore, Islamabad which disclosed that the declared value was much lower than the open market value thus causing huge monetary losses to national exchequer.
It is generally observed by the Government Authorities that Property business in big cities had become source of parking undeclared or black money.
The amendment is proposed to be effective from July 01, 2016 but the commissioner IR could able to determine the valuation of past six years as envisaged in the tax laws.
The existing Section 68 explains fair market value as:
(1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.
(2) The fair market value of any property 3[or rent], asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.
(3) Where the price referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.
Further Section 222 of the Ordinance authorized the commissioner to appoint expert. It said: “The commission may appoint any expert as the commission considers necessary for the purpose of the Ordinance for the purpose of audit of valuation.”

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.