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Government to form new authority to regulate real estate sector

SAMAA | - Posted: Oct 14, 2019 | Last Updated: 8 months ago
SAMAA |
Posted: Oct 14, 2019 | Last Updated: 8 months ago
Government to form new authority to regulate real estate sector

Photo: PID

The federal cabinet approved on Monday the establishment of a Real Estate Regulatory Authority (RERA) in the country.

Builders and developers will now have to seek permission from RERA before initiating any new housing project, decided the federal cabinet. They are also barred from selling and buying plots without its approval.

Dr Firdous Ashiq Awan, Prime Minister Imran Khan’s special assistant, told reporters that the move was aims to “regulate” and “facilitate” the real estate sector.

She said that it is only possible when we have an authority to protect the real estate sector.

Arif Jeewa, a member of the Association of Builders and Developers of Pakistan, however, believed that the government’s step will have a negative impact on the construction industry.

“No stakeholder was taken on board [before making this decision],” Jeewa told SAMAA TV.

He added that there is a Real Estate Regulatory Authority in Dubai and the government wants to implement it here.

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One Comment

  1. Avatar
      Mohammad Khan  May 12, 2020 1:13 pm/ Reply

    A very interesting read. A new form of authority is what the real estate market might just need right about now. I am an expat who recently came back to Pakistan and have been interested in investing in an upcoming housing society. I have narrowed down my search to Gulberg Green and Taj Residencia. Can you please share your thoughts on both projects?

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