Capital Smart City presents lucrative residential and commercial investment opportunities to real estate investors. While new bookings are being closed in Capital Smart City, the number of transfers is rising. Due to the popularity of the luxurious housing society, the resale of residential and commercial plots of Capital Smart City is very high. The frequency of transactions keeps the market alive and provides lucrative returns to investors. Therefore, we have brought a comprehensive guide on the transfer process of Capital Smart City so that you can have peace of mind while waiting for your transfer!
Although the transfer process of Capital Smart City is simple and efficient, investors often get intimidated by files in resale and try to avoid the hassles of the transfer process.
In reality, the transfer process of Capital Smart City is quite efficiently managed by the authorized real estate agents of the society in coordination with the competent management of the society, to make it simple for you.
If you intend to buy or sell a transferrable plot in Capital Smart City, it is essential for you to know about the whole process, the time period involved, what should you expect from the society and the real estate consultant so that you can make an informed decision.
Therefore, we have developed a step-by-step guidance of the entire process and suggestions to give you an overview of the whole process and what you could expect from your real estate consultant.
Documents required for transfer process in Capital Smart City
In this section, we will provide you the complete list of documents required for the file transfer process from the buyer and seller.
Documents required by the buyer
The buyer needs to provide following documents to process the transfer of plot in Capital Smart City.
- Transfer Request Form
- Copy of National Identity Card
- Membership form
- 2 x Passport size photographs
- Affidavit of the Purchaser
- Special Power of Attorney (SPA) – If buyer cannot attend
Documents required by the seller
The seller needs to present following documents to proceed the plot transfer process in Capital Smart City.
- Copy of National Identity
- Affidavit of the Seller
- Original File of the Plot
- Paid slip of any outstanding amount seller may have paid
- General Power of Attorney (GPA) – If seller cannot attend
Documents issued by the management of Capital Smart City
- No Demand Certificate (NDC)
- Statement of Dues (SOD)
- Transfer Slip
Steps to follow for the transfer process in Capital Smart City
Here is the comprehensive guideline of the steps that should be followed for the Capital Smart City Resale and File Transfer Process.
1. File Transfer Request
The first step to begin the process of transfer is to request a file transfer from the management. The buyer needs to submit the Transfer Request Form along with all of the required documents to initiate the transfer.
Your real estate agent or consultant will prepare your documents along with the transfer request form. You can download the transfer request performa below for reference.
2. Provision of SOD
After you provide the essential documents, the management will issue the Statement of Dues (SOD) against the submission of the transfer request. The SOD, abbreviating “statement of dues” gives all information about the payment history of the file including unpaid dues on the seller’s part.
3. Dues Clearance and Issuance of No Demand Certificate
After receiving the SOD, the seller is liable to clear all the pending dues. These dues could be unpaid installments. Once the dues are paid, the management will issue NDC “No Demand Certificate”. This Certificate indicates that all outstanding dues of the file have been cleared by the seller.
Usually, the outstanding dues are paid by the buyer through the consultant since the buyer needs to pay all paid amount to the seller anyways. It is a completely normal practice, however, make sure you are working with a reliable consultant who will protect your rights.
After NDC, a Transfer Date is given by the transfer officer where the actual and final transfer takes place.
4. Presence of buyer and seller in front of the Transfer Officer
On the Transfer Day, both buyer and seller have to present themselves in front of transfer officer of Capital Smart City for the “bayan.”
Bayan is the undertaking by the seller that he or she has sold the plot to the buyer, received the payment and allows the transfer of the property to the buyer’s name.
At this instance, both seller and buyer should bring the original copy of their original ID card and original Membership Letter.
The signatures, thumb impression and a picture of both seller and buyer is taken to secure the transfer. The transfer officer immediately issues a Transfer Slip that marks the end of the transfer process.
5. Issuance of Transfer Slip
The transfer slip is the proof of transfer for the buyer until he receives the actual file from the company. The entire process takes around 3-5 days which can increase depending on the availability of buyer or seller for the bayan and any delays in payment. Nonetheless, the actual process requires only 2-3 days to allow for issuance of SOD and NDC.
The sample of transfer slip is available for review.
Issuance of File for Buyer
The issuance of new file in the name of the buyer takes a month approximately.
The image below displays a flow chart of all the steps that should be taken to go about the process of plot transfer in Capital Smart City .
Charges involved in Transfer Process of Capital Smart City
The types of charges payable for a successful transfer include the following:
- Transfer fee
- Membership fee
- Documentation charges
- Special Power of Attorney (SPA) or General Power of Attorney (GPA) – if applicable
- Consultation charges
The image below shows the amounts of all types of charges applicable for the transfer of a commercial or residential file in Capital Smart City.
Role of Real Estate Consultant
The process of plot reselling and transfer is quite simple and straightforward. Hiring an authorized Real Estate Consultant would make the process even smoother and speedy. They are taking care of hundreds and thousands of such cases and therefore, they are in a better position to handle the file transfer process than an individual.
Real Estate Consultants are experts in real estate markets and proficiently know all details about plot transfer. Once you hire real estate consultants for the plot transfer process, they will take care of everything.
They will provide you up-to-date and accurate information and step-by-step guidance about the whole procedure. As a buyer and seller, it is imperative for you to have awareness of the entire procedure, so you can form a concrete idea about what you can expect out of this entire process.
Real estate consultants will also ensure that their clients are relaxed by handling all their paperwork. The client will just need to present themselves in front of the transfer officer, making the entire process hassle free for them.
Moreover, the client can question any related question about timings, about different procedures or any further clarifications from their real estate consultant.
Therefore, hiring an authorized real estate agent will simplify the entire process of plot transfer on both buyer’s and seller’s end. Check out our article on Top five compelling reasons why you should hire a real estate agent for the file transfer process.
Why a Resale File is better than Booking?
New Booking refers to booking for a new plot or file directly from the company or via a real estate consultant. While plot transfer is the transfer of the title of file from one person to another.
Sometimes people might get intimidated by the transfer process and opt for the new booking even if it is more expensive. It is beneficial to go for file transfer under certain situations.
When Resale File is cheaper than market prices
When the prices of plots is increased by the company, it is cheaper to transfer the plot to your name than to book directly with the company.
The 3.5 marla residential plots in harmony park block experienced a sudden demand hike and the booking price increased to Rs. 1,789,000. The resale files of these plots were sold at an old rate of 15 lac at a profit of Rs. 30,000 which was far less than the new original prices.
- The plots or files with older installment plans are lower in price and therefore, they are more feasible and easier to manage due to smaller installments.
Short-term investors facilitated by taking their profit and exiting the market and the buyers were able to buy plots at cheaper rates. Check out the pricing and payment plan of Capital Smart City to know more about such occurrences.
The prices of Lahore Smart City have also been increased and the same phenomenon is expected to flash in the market again. Check out Lahore Smart City to know about the project or contact us at +92 334 5557734!
- The plots or files with older installment plans are more feasible and easier to manage when they offer longer payment plans, lower prices, and smaller installments.
However, on the other hand, if the prices of resale files are more than new booking prices, then it is recommendable to purchase new files. Moreover, you would be able to avail yourself discounts on new bookings provided you choose a good real estate agent for the transaction. Therefore, it is recommended to hire a real estate consultant to give you the best guidance on this process.
Frequently Asked Questions
What if the buyer is an Overseas Resident?
In this case, the buyer will give special power of attorney (SPA) to that individual that will serve as a representative of the buyer. The special power of attorney holder will then submit all the documents and the transfer process will be carried as per the normal procedure.
What if the seller is an Overseas Resident?
If the seller resides overseas, they would need to acquire General Power of Attorney. The document will be attested by Pakistan’s Foreign Office and carry the name of the appointed general power attorney holder. The general power attorney will submit the documents and the transfer officer will verify the documents and send them to the concerned Embassy or Consulate. The GPA holder will carry out the regular transfer process after getting confirmation from the relevant Embassy or Consulate.
What is the difference between SPA and GPA ?
SPA which refers to Special Power of Attorney gives specific rights that the representative can carry. It is required if the buyer can not attend the transfer. General Power of Attorney (GPA) on the other hand grants broad authorization to the holder. It is required if the seller can not attend the transfer.
Are urgent transfers available in Capital Smart City?
Urgent transfers can be carried out after the payment of Urgent Transfer Fee.
Do you have to pay all the due installments at the time of transfer?
It varies on company policy and plot file. For more information, contact us at +92 334 5557734.
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