Some serious issues in pvt towns and govt sectors
Property investment is one of common investment in our country every person wants to invest in property especially in big cities. Property is a good investment but there is no accountability in our country govt should take some serious action on below mentioned issues.
Noc to any society or private town should not be issue till they purchase complete land plus they should acquire direct access from any main highway, and they should be bound to not start booking before taking noc.
It should be seriously observe that if a town sector or society failed to start development within 6 months of their launch or even unable to complete their development work within 3 to 5 years of their launch should be bound to refund amounts of all affectees as per current rates of a develop sector.
Management of those societies or town will be responsible for this delay and they should be charge.
When a society or pvt town launches a new project in market usually they charge a specific amount as down payment , every town or govt sector should be bound to refund this amount within 60 days after deducting there processing fee to all those clients who want a refund due to any reason but alas there is a evil practice in market that people can’t get refunds from societies towns therefore they have to sale there plots in minus ( minus is a term now in which u will get less then ur paid amount)
Another important point is that minimum 30 to 40 percent area in any town or society will be for high rise residential apartment buildings and small houses as this will be a positive thing for those people who can’t afford a plot and then its construction cost plus this will be helpful for people to live near to main cities and it will also give a relief to our agriculture sector as in small cities people are continuously converting there agriculture lands into small towns which can be harmful in future.
Last but not least societies pvt towns and sectors should be bound to construct prayer places, parks, school buildings and mini markets at the time of possession .
Very good suggestions Syed Ibrahim bhai.. Maybe if someone strong here can read this and file a petition in a High Court or even Supreme Court would be really helpful. But whatever you said sounds like the rules of a developed and civilized country. Sadly, it is sona Pakistan and over here, it is the law of the jungle mostly.
Another suggestion could be if we form some kind of a lobby or union that could safeguard the interests of investors.
Brother, you are very rite, it is like this by the book of law, the law is included in all these mishaps, issues etc.
Corruption should be evaded in order to succeed.
The societies launch new sectors and they gather money, then an add comes in the newspapers that the society does not have an NOC, rates drop, societies manage to get the NOC, buy the files/plots when the market is in recession and then re-sale on high profits.
Exactly right Nasir Sb,we can put pressure on atleast CDA and RDA etc, to follow there own laws and amend laws which are flawed. Any suggestions how we can form a Pressure Group…
Zameen.com is a good platform to raise our voices against those kind o mafias but need more strong channels too.
As per my knowledge some of above mentioned options are already part of our property laws but unfortunately socities and towns are not following.
Welcome back Ibrahim bhai. I think your observations are all very relevant indeed.
How long can we keep expanding our cities? You cannot keep expanding your cities endlessly. They will grow so big that they will become difficult or impossible to govern. Karachi is a prime example. The rest of the world imposes strict limits on how far the city limits can be extended. Islamabad has already surrounded Pindi from all four sides even though Pindi used to be a separate city altogether!
Lahore is also expanding in all directions. On one side there are societies near the border and on the other sides it is extending to Kasur, Raiwind, Kot Abdul Malik etc.
All these observations that Syed Ibrahim has made can be addressed if we have a Urban Real Estate Regulatory Authority (URERA) with detailed rules and regulations and enforcement mechanism like we have for tv channels (PEMRA) for oil and gas sector (OGRA) and for telecommunications sector (PTA).
One difficulty is that real estate is a provincial subject and all cities cannot be managed at the Federal Government level. But this can be overcome if we have separate real estate regulatory authorities for each province and one for Islamabad.
Good points Pk1.. Magar jo bhi kar lein.. It's sona Pakistan and problems will be there until the people fix themselves.
Btw Pk1 bro.. I am very impressed with your knowledge and analytical thinking, very few members on this forum have this quality. What is your professional background? Do you have a real estate business etc?
When will the Government implement these suggestions? Much needed changes.
Yes, I agree with the suggestions put up by the members .All provinces should form a regulatory body to monitor n safeguard the interests of clients.Further, the Regional Mohtasibs should be given authority to resolve the issues between developers n clients.
Government khud fraud kr ke bahar mulk bhag jati hai to ye societies kya chez hain