In a significant move, the Punjab government has decided to amend a law that has been in place for 116 years, aiming to streamline property transactions for overseas Pakistanis in their homeland. According to reports, a draft amendment to Section 31 of the Registration Act 1908 has been prepared by the provincial government to simplify the process of buying and selling properties, reducing legal hurdles.
Under the proposed changes, Pakistanis residing abroad will have the option to record their statement for property transactions at their respective embassies. This initiative is expected to save significant time and costs associated with travel, potentially amounting to millions of rupees.
Currently, under the existing law, overseas Pakistanis are required to visit their embassies to obtain power of attorney, which is then sent to a representative in Pakistan for completing property transactions with the registrar. The outdated legal framework has often resulted in complexities and instances of fraud for overseas Pakistanis involved in property dealings.
How Overseas Pakistanis in Dubai Can Sale Property Without Visiting Pakistan?
Pakistanis living in Dubai, UAE, will be able to visit the nearby Pakistan embassy to record their statement for sale deed instead of sending power of attorney for selling their property, if the law is amended.
