Pakistan has one of the world’s largest real estate markets, with a vast array of opportunities for investors and buyers alike. However, despite being a major sector of the country’s economy, the industry has remained a victim of fraudulent schemes and scams, deterring potential investors both locally and internationally. To tackle this issue, PropSure Digital Solutions was launched, offering Pakistan’s first-ever property verification system.
A Little About the Company
Table of Contents
PropSure Digital Solutions was launched in 2019, becoming the premier property verification company in the country. The company is a subsidiary of the Imarat Group of Companies, a well-renowned market leader in the construction industry. The company has regional offices in Islamabad, Lahore, and Karachi, with its Head Office based in F-6, Islamabad. Within the short time frame since its launch, PropSure has become acclaimed as the pioneer for property verification within the country.
Services
PropSure promises to bring innovation to the real estate industry, and its commitment is showcased through its technology-driven services, making the lives of millions much easier. The company is defined by its online property verification system; however, several other digital solutions for properties are also offered by the company ranging from property inspection to technical advisory.
Online Property Verification System
PropSure’s most prominent service – the online property verification system (OPVS) was initiated in light of the vulnerabilities that the country’s real estate market faces. Ranging from file scams to fraudulent housing schemes, the market is ravished by illegal practices. In just 2018, almost five thousand illegal housing schemes were identified, and the number continues to grow.
The OPVS was designed to help investors and buyers in making the right decisions and avoiding any illegal and unregistered properties and housing schemes. The company’s online verification system validates several aspects of a property such as a plot LOP approval status, address, layout plan approval, and the final approved layout plan.
The process has been made effortlessly simple, as investors and buyers can simply get their property verified through PropSure’s online web portal. If you wish to invest in the real estate market, then it is of utmost importance to get the property verified through PropSure’s immense database.
Property Inspection Services
Another one of PropSure’s significant services, the property inspection services (PINS) enables potential buyers and investors to get their property inspected before making the final decision of buying it. One of the biggest problems faced by investors is being unsatisfied with the property once they have bought it. The major cause behind this is the lack of proper information available on the property, leading to most buyers making poor and ill-informed decisions. Investors and overseas Pakistani’s lose millions every year owing to these fraudulent practices. Investors are unable to get verified details pertaining to the property and are forced to rely on the words of sellers and realtors.
To ensure buyers know what they are getting, PropSure launched its property inspection service, which thoroughly examines the desired property through different dimensions, making sure that you get the most value for your money. The company offers the following property inspection services:
● Basic Property Report
● Master Plan Report
● Regulatory Report
● Bylaws Report
● Demarcation Report
● Liveability Report
● Utility Report
● Valuation Report
● Structural Report
● Non-Structural Report
Feasibility Studies
One of PropSure’s unique services, feasibility studies provide potential stakeholders with information about a specific project. Four factors are evaluated thoroughly; ownership, approval, demand, and delivery. Based on these four factors, the proposed project’s success is projected. This knowledge allows interested investors and stakeholders in deciding whether the project is worth investment or not, and helps in evaluating the potential returns from the project.
PropsSure offers three types of feasibility studies, each assessing a project from a different perspective.
Screening Study – Analyzes whether the project is in accordance with regulatory bodies or not.
Pre-Feasibility Study – Evaluates the value of the project based on utilities, livability, and title plan.
Market Study – A thorough market study is conducted comprising of financial evaluation, SWOT analysis, PEST analysis, and several other market-related analyses.
Forensic Audit
Forensic audits are used to evaluate a firm’s financial records to ensure that investors remain safe from blackmailers and scammers through presentable evidence in cases of legal proceedings. This is also necessary to avoid any kind of litigation during real estate projects and ventures.
The Supreme Court of Pakistan has passed an order that requires all housing and commercial property projects to conduct a forensic audit. Since proper records and information was not maintained, developer and builders faced major issues. To avoid similar situations in the future, it is of utmost importance to have a forensic audit conducted by a reputable company, such as PropSure.
Technical Advisory
With skilled and experienced experts, PropSure offers technical advisory to clients in issues of documentation and project approvals. The projects that usually require technical advisory are large-scale projects such as high-rise buildings, housing societies, and hotels.
The company provides technical advice in areas such as land acquisition, site selection, documentation, regulatory requirements, and assistance in obtaining approvals from the concerning regulatory and government authorities. Some of the projects that have been assisted by PropSure’s technical advisory are:
● Mall of Arabia
● Imarat Builders Mall
● Amazon Outlet Mall
● Golf Floras
● Imarat Residences
Data Services
Being the country’s first online database for the country’s real estate industry, PropSure’s largest service is its database of almost 4 million properties throughout the country available on the PropMap. The digital spatial data continues to expand by the day, adding more properties and attributes to the massive database. Real estate stockholders benefit significantly as the database can offer verified information allowing investors to make the right decisions.
Conclusion
Bringing innovation and digital transformation of real estate in Pakistan, PropSure Digital Solutions is set to make a mark in the market with its unique approach to assisting investors and buyers. With the current trends of expanding housing societies, the need for a verification system is needed more than ever to allow investors to avoid fraudulent schemes and make the right decisions, and PropSure is here to do just that.
For more information visit PropSure
