For overseas Pakistanis
Buying a flat in Lahore while you live abroad
A good share of the calls we get come from Dubai, Riyadh, London and Toronto, often late at night our time. The questions are nearly always the same, so we've written them down here.
Buying from abroad isn't harder than buying here. It just means you rely more on other people, so the questions you ask at the start matter more. Ask them of any project, including ours.
For a sense of scale: at IRIS Tower a studio is 57.75 lakh in total, with Rs. 577,500 to book and Rs. 57,750 a month after that. Many overseas buyers find that easier to send home every month than one large amount.
1. Who will see the site for you?
Pictures and videos help, but someone you trust should stand on the site at least once before you pay. A brother, a cousin, a friend who knows property. Ask them to check the road, the neighbourhood and how far construction has actually got. Then ask the developer for fresh photos, or a video call from the site, every few months.
2. Whose name will it be in, and who signs?
Decide this before booking, not after. If the file will be in your name but someone in Pakistan will sign for you, ask exactly which document the developer accepts for that, usually a power of attorney, and how it needs to be attested. Get it done properly once rather than fixing it later.
3. How does the money get there?
Always pay into the company's own bank account, never into a person's account, however friendly they are. Send it through a bank so there's a clear record, and ask for an official receipt for every single installment. Keep copies somewhere you can reach from abroad, like your email.
4. What happens if a payment is late?
Transfers from abroad sometimes take a few extra days, and bank holidays don't always match. Ask what the late charge is, whether there's a grace period, and what happens after several missed payments. It's a boring question, and it's the one that saves the most trouble.
5. Who handles possession?
Possession is a few years away, and you may not be in Pakistan when it comes. Find out what has to be paid at that stage, who can collect the keys for you, and what they should check before signing for it.
6. Can you sell or transfer it later?
Plans change. A job moves, a family decision gets made. Ask whether you can transfer the file before possession, what the transfer fee is, and what paperwork the new buyer will need.
Talk to us from wherever you are
If you're abroad and thinking about IRIS Tower, message us on WhatsApp at whatever time suits you. We'll answer these questions for our project in writing, send you current photos of the site, and we're happy to show it to whoever you send. The full payment plan is online, and our buyer's checklist covers the paperwork in more detail.