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Chief Minister of Punjab, Maryam Nawaz, has directed significant changes to the 116-year-old property transaction law, allowing overseas Pakistanis to buy and sell property in the province without needing to be physically present.
A draft amendment to the 116-year-old Registration Act has been crafted specifically to streamline property transactions for overseas Pakistanis. Under this revision, overseas Pakistanis are now permitted to register property sale deeds at Pakistani embassies abroad. This innovative change aims to alleviate the considerable time and financial costs associated with traveling to Pakistan for such transactions.
Media reports indicate that the amendment focuses on Section 31 of the Registration Act 1908, which previously mandated physical presence in Pakistan for property registrations. Overseas Pakistanis were required to visit relevant embassies to authenticate power of attorney documents and send them to Pakistan for property transactions. Subsequently, the designated person in Pakistan would conduct the transaction in front of a registrar.
The archaic provisions of Section 31 had posed numerous legal complications for overseas Pakistanis in their property dealings, often resulting in issues of fraud and misrepresentation.
The revised law is poised to simplify and secure property transactions for overseas Pakistanis, reflecting a proactive step towards enhancing their property rights and facilitating investment in Punjab’s real estate sector.