رئیل اسٹیٹ ریگولیٹری اتھارٹی کا قیام
Pakistan government is setting up Real Estate Regulation and Development Authority for regulation of real estate sector. Appellate Tribunal is also being setup for resolution of disputes.
Following are salient features;
- All real estate agents will have to register with the authority.
- No development project will be announced without approval from the regulatory authority. Real estate promoter will not be allowed to buy/sell plots or advertise housing schemes without approval.
- For approval of new housing development project, developers will submit details of completed projects and future development plans.
- To protect public interests and improvement of real estate industry, “Central Advisory Council” will be announced which will act as advisory body for the government as well. Secretary level officers form Interior Ministry, Finance Ministry, Law Ministry, National Housing Foundation and Naya Pakistan Housing Program will be inducted into the authority.
- Chairman will be appointed by the government.