by In the absence of a focused national policy and lack of regulatory framework, the existing laws has failed to maintain a vigilant and a system of proper check and balance in this sector, which results in the general public as well as commercial investors losing their hard earned money at the hands of felons and other factors, causing instability in the sector and further disrupting the ease of doing business.
Earlier, in Aug 2017, Capital Development Authority (CDA) has opposed a bill seeking the establishment of an independent Real Estate Regulatory Authority. The authority claims the bill is contrary to the provisions of its own 1960 ordinance. A private member bill, titled The Real Estate (Regulations and Development) Bill, 2017, moved by the Senator Mohsen Aziz of Pakistan Tehreek-e-Insaf (PTI) in Senate of Pakistan, had proposed the formation of a fully-empowered and independent body to regulate and promote the real estate sector in Pakistan. According to the bill, no real estate project will be presented in the market for sale without prior registration with the envisioned regulatory authority. Registration of any individual working in the real estate sector with the authority will also be mandatory.
Real Estate Regulatory Authority establishment is for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority. It will extend to whole of Pakistan.
Competition Commission of Pakistan (CCP) also urged the government to pass a law in parliament envisaging the empowering provisions of the proposed Real Estate Regulatory Authority as well as to support its functions, as real estate sector in the country suffers from the issues of transparency, lack of mutual confidence and the protection of consumers’ confidence.
The role of such a regulatory body will not only be to develop laws and regulations, but also to develop and employ mechanisms to effectively and transparently supervise the existing and developing areas in the real estate sector of Pakistan. It will also have the task to introduce role of technology in this sector, it added.
Real Estate Regulatory Authority be established in Pakistan which would play a critical role in development of the real estate sector and help grow the national economy.
ذرائع کے مطابق وفاقی حکومت کی جانب سے ریئل اسٹیٹ سیکٹر کو ریگولیٹ اور پروموٹ کرنے کے لیے ریئل اسٹیٹ ریگولیٹری اتھارٹی (ریرا ) کے قیام کے بل کو حتمی شکل دے دی گئی ہے۔
ریئل اسٹیٹ ریگولیٹری اتھارٹی کے قیام کا مقصد ریئل اسٹیٹ سیکٹر کو ریگولیٹ کرنا اورفروغ دینا، اس کے علاوہ صارفین کے مفادات کا تحفظ کرنے کیلیے ریئل اسٹیٹ سیکٹرکے منصوبوں میں شفافیت کو یقینی بنانا بھی اس اتھارٹی کے دائرہ اختیار میں ہوگا۔
ریئل اسٹیٹ ایجنٹس کی اتھارٹی سے رجسٹریشن کو لازمی قراردیا جائے گا، ہر ریئل اسٹیٹ ایجنٹ کو ایک رجسٹریشن نمبر دیا جائے گا جس کا ہر قسم کی پراپرٹی کی خریدوفروخت میں حوالہ دیا جائے گا۔
وزارت ہائوسنگ نے صارفین کے تحفظ کو قانونی شکل دینے کیلیے مجوزہ ڈرافٹ تیار کرلیا، ریئل اسٹیٹ منصوبے کی رجسٹریشن کے بغیر کوئی پروموٹر پلاٹ، اپارٹمنٹ، بلڈنگ کی فروخت کے اشتہار کا اجرا یا خریدوفروخت نہیں کرسکے گا، سیل ایگری منٹ کے بغیرکوئی پروموٹربھی کسی پلاٹ، اپارٹمنٹ یابلڈنگ کی قیمت کے10فیصدسے زیادہ رقم لینے کا مجازنہیں ہوگا۔
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