PTI Govt. to establish RERA to increase transparency in real estate sector

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  • The government finalizes the Real Estate Regulation and Development Bill 2019 and the act would start implementation through approval by the presidential decree.
  • Prior approval from RERA is mandatory before starting work on any real estate project.
  • The functions of the Centra Advisory Council will be the protection of consumers’ interests, to foster the growth and development of the real estate sector.
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Photo courtesy The Express Tribune.

The central government has decided to establish a Real Estate Regulatory Authority (RERA) to manage the affairs of real estate – the immovable assets including land, buildings, houses along with the natural resources of the concerned lands. The real estate agents will be required to register with the authority for the sale of plots, houses or buildings.

The RERA will regulate the real estate sector to facilitate the sale of an apartment, building, plot or a real estate project in an efficient and transparent manner and for speedy dispute redressal an appellate tribunal to hear the appeals.

The government has finalized the Real Estate Regulation and Development Bill 2019 and the act would start implementation through approval by the presidential decree. According to the bill prior approval from RERA is mandatory before starting work on any real estate project, Tribune report read.

Without approval from RERA, no promoter will be able to sell or purchase any plot or publish an advertisement. The developer will have to produce the details of his past projects and the present plan for future development with the authority and the authority will reserve the right to revoke the license of the promoter in case of any violation.

The authority will also look after the rights of the allottees – a person to whom a plot, apartment or building has been allotted and the real estate agents.

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A central advisory council shall also be formed for the promotion of the real estate sector and the protection of consumers’ rights. The council will have representation from among the ministries of interior, commerce, finance, law, Pakistan Housing Authority, and the National Housing Authority. The matter which will be under review by the appellate tribunal will not remain fall under trial by civil courts.

The functions of the Centra Advisory Council will be the protection of consumers’ interests, to foster the growth and development of the real estate sector or any other matter that may be assigned to it by the federal government.

Want to add something about the progress of the real estate sector in Pakistan? Share your thoughts in the comment section below

  • Establishment of Real Estate Regulator Authority (RERA) is need of time. That must be constituted decades ago but why previous governments not formed RERA? This will safeguard the rights of common people and investors.

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