Hello everyone on this forum, I need some advice here.
I am a 22-year old student and looking to invest in Grand Avenues Lahore, 10 Marla plot for around 2.5 million. I have some issues, including knowledge of how to complete a deal and so on.
My first concern is, that I have 2.5 million exactly and I can't invest anywhere else in 10-marla with possession. The
location of society is superb. The only problem I am seeing is, that Grand Avenues is not approved by LDA, but it was approved by TMA (which doesn't mean anything after 2012 though). I have called their offices and contacted some people, they say we will get LDA approval and application is in process. Should I go for it or not? LDA office too said application is in process, but didn't tell if it will be approved or not, and when. Does LDA even refuse application when a society wants approval or do they approve all societies eventually?
Secondly, since it is my first deal and I am pretty much a kid here, I am obviously concerned of frauds. Like, heard of double-file selling, getting plot number re-positioned, and agent frauds. How to be sure I am on the safer side? I mean, what proofs will I get right after the payment of plot? What is registry, allocation, possession letters? Please list everything that the agents/dealers/society must give me as proof of plot. Please guide the whole process.
Mind you, I am buying in possession area. I know this might be an annoying question for many of you experts, but surely I will never become an expert if you guys don't help out with your knowledge today!
Thanking in anticipation.