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Abandoned Real Estate Properties in Pakistan

Abandoned real estate properties are a commonly found in Pakistan. These properties can be there in both urban and rural areas, and they can be anything from houses and apartments to commercial buildings and industrial complexes. There might be a number of reasons why properties go abandoned. Nexthome.pk overlooks some common cases of the abandoned properties, we will also explore how you can use claim these no-use properties in Pakistan.

Common Cases of Abandoned Properties

Financial Problems

Property owners may abandon their properties if they are unable to afford the upkeep or mortgage payments. This can be due to financial loss, capital drainage, overbills, or other unforeseen expenses.

Legal Disputes

Properties in Pakistan may also be abandoned if they are the subject of legal disputes. Some disputed properties or land in Pakistan are Kalma Chowk Building, Shimla Pahari properties. The core reason behind such disputes can be as inheritance battles or foreclosure proceedings.

Natural Disasters

Properties can also be abandoned due to natural disasters, such as floods, earthquakes, or landslides. So, refurbishing these properties can be an ideal spot of investment.

Government Policies

In some cases, governments (Provincial or local) may acquire properties for development projects, such as roads or dams. If the owners are not compensated fairly, they may choose to abandon their properties.

Harms of Abandoned Properties

Abandoned real estate properties can have a number of negative consequences for communities. These properties can pose havens for pests and diseases. Moreover, these buildings can also be the source to crime and blight. Additionally , abandoned properties can be a safety hazard, as they are mostly in a condition of disrepair.

What Laws Say On Abandoned Properties

The government of Pakistan has proposed some legal procedures to address the issues of abandoned real estate properties. For instance, in the year of 1975, the Abandoned Properties (Management) Act was passed. This law id to manage and administer the properties abandoned by the former citizens of Pakistan who migrated to Bangladesh in 1971. Somehow, the law was not literally effective in curbing the issues of abandoned properties in Pakistan.

In recent years, Pakistan has been witnessing the growing interest in the potential for abandoned real estate properties. Investors and developers show interest in redeveloping the abandoned buildings. However, there are a number of challenges that need to be addressed before this can happen on a pragmatic scale. One major challenge is that mostly abandoned properties are located in areas that are not considered to be desirable for development. Another challenge is that the ownership of many abandoned properties is not granted.

What Govt. Can Do For Abandoned Properties

The government should provide financial aids and incentives to developers who redevelop the abandoned properties. This could include tax waiving off, low-interest loans, or financial grants.

The government of Pakistan should also ease the process for acquiring and redeveloping abandoned properties. This would make it easier and more attractive for developers to invest in abandoned properties.

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