Real estate investments are a well-known attractive way to generate profit in Pakistan. Whether you are a property owner in the country or considering being part of an investment in real estate. There are a few things you should know about the land, real estate, or property. It is important to get to know about what does property inspection in order to check the status of property condition.
One of the essentials you should know about is how to get a property valuation certificate in Pakistan. To boost the value of real estate, you should get your property inspected by professionals.
Getting a valuation certificate is an easy procedure, like the property registration process in Pakistan, and you will get to know about the actual worth of your real estate. To get a property valuation, there are some legal procedures one has to follow, and the concerned department provides it accordingly.
Knowing about documentation related to the property registration process and valuation is important as it helps the investor to gain financial stability and strong legal status in property ventures. It offers you a legal shield and helps in exploring more opportunities.
Realtorspk.com is here with a comprehensive guide on how to get a property valuation certificate and its importance. Let’s have a look.
What is Property Valuation Certificate?
It is a transcript that is received by the real estate owner. The document/certificate states the real estate’s worth and total value according to the market. The certificate is a legal/ official document that supports the guarantee that property owners give to potential buyers about real estate value, price, and condition.
The property valuation certificate in Pakistan holds great importance, particularly for the property businessman. The value of the real estate is based on various factors, including location, position, architecture, interiors, exteriors, and condition/status, the material used in construction, electrification, and plumbing equipment status.
The location/area holds great importance in the valuation of any real estate property. For instance by investing in top areas of Islamabad you can generate more revenue than any other cities of Pakistan.
Why Property Valuation Certificate is important?
Here is a list of why a property valuation certificate in Pakistan is important.
- It allows the property owner to know about the exact value of the real estate. It makes them confident about ROI in future deals.
- The real estate owner or the agent can target the right audience for sale according to the valuation demand.
- The Real Estate Owner gets a strong legal position in the country’s property industry.
- The Taxation process becomes faster and easier once you have gone through the process of a Property valuation certificate.
- The document is a solid proof/ piece of evidence in case of any disputes with clients or concerned authorities.
- The property valuation certificate is important when the owner applies for the visa.
Property Valuation Certificate Issuing Authority:
Like the property registration process in Pakistan involves the relevant registration authority, so does the property certificate Authority.
The issuance of the Property Valuation Certificate lies solely within the purview of the Federal Board of Revenue, contingent upon submitting an accurate and complete application along with supporting evidence.
The Revenue Board is responsible for dealing with issues related to real estate taxes, registration process online, and application submission. When the real estate owner submits a request for a property Valuation Certificate in Pakistan. The surveying representative visits the property and initiates the assessment of the property.
Process of Real Estate Assessment:
A certified property surveyor thoroughly assesses the real estate by evaluating its location, design, building history, soil composition, positioning, and floor plan. The agent or surveyor gathers all pertinent details before issuing the Property Valuation Certificate.
The document contains a comprehensive overview of the assessed information, with highlighted property features. The real estate’s final value is determined by considering various factors and details about the property. To obtain your Property Valuation Certificate in Pakistan, you can also go for assistance from a sales expert or consultant.
The Property Valuation Certificate is also important document of Selling and Transferring Property in Pakistan.
Property Valuation Certificate (PVC) Format:
The Certificate has a unique design and format. Real estate professionals and PVC experts are aware of the necessary data that is required. Here is what a property valuation certificate (PVC) Looks like:
It includes the name of the land/ real estate owner and related personals
- Name of applicant
- Copy of Computerized National Identity Card or Passport Copy
- Valid Address of applicant
- Information of Property
- Location of the Property
- Age of property
- Condition of Real Estate
- Quality of the Property Construction Material
- Details of what’s on the ground
- Property Accessibility
Why is PVC Important for Visa?
A property Verification Certificate is important to get a visa when the owner is leaving the country, and here is why?
PVC shows or states the financial status and capabilities of the applicant in the home country. It empowers the applicant in travel or immigration to a foreign country. The certificate precisely shows the financial capabilities of the traveler.
Property Valuation Certificate (PVC) Requirement:
When applying for the Property Valuation Certificate in Pakistan, it is important not to submit the original confidential documents. Instead, it is advisable to provide photocopies of the documents while seeking guidance from a consultant or agent to ensure compliance. The list of required documents are:
- Copy of CNICs of Real Estate Owner
- Allotment or Transfer Letter (Title ownership)
- Details of Transfer/ Registry or Fard in case of plot.
How to Check PVC in Pakistan:
Let’s have a look at the procedure to check the PVC of your real estate:
- Open the web browser and visit the FBR website.
- Click on the side menu and choose the tab “Valuation of Immovable Properties”
- Afterward, check the option “Rates of Valuation of Immovable Properties”
- Select your concerned city/district/ region.
- Download the relevant PDF File that contains all the relevant information about property valuation of commercial and residential real estate.
Let’s wrap up:
So that’s all for now! We hope you know all the necessary details about the property valuation certificate in Pakistan and how to get it. Stay tuned to Realtorspk.com for the latest news and information.