Islamabad: The Competition Commission of Pakistan has asked the government to form a real estate regulatory body, reported a news source. The purpose of this body, as outlined in a report, will be to reduce incidents of real estate scams.
The commission proposed formation of a regulator to register real estate agents. To make the body effective, the penal consequences for non-registered agencies were also recommended. In addition, CCP demanded amendment in legal framework for the authority.
In this regard, the commission presented its report “Issues in Real Estate Sector of Pakistan”. The report is to be presented before the government. It has been prepared after closely observing real estate practices in Dubai, UK and USA.
The primary role of the proposed regulatory authority will be to promote real estate development and help the progress of national economy.
Coordination with, and advice to the government on development of the real estate sector
Monitoring, registration, and renewal of licenses for developers, project managers, marketing firms, and real estate agents
Define and issue eligibility criteria for market professionals
Devise code of conduct for the real estate professional and intermediaries
Issue uniform code and regulations for transparent real estate practices
Handle and investigate complaints of specific individuals from the real estate sector
Take relevant actions including penalties and restrictions
The CCP also requested extensive powers for the regulatory body similar to those vested under Code of Civil Procedure, 1908. The commission recommended training and certification of brokers at national level. In addition, it proposed computerisation of real estate data from all over the country.
For updates on whether or not the CCP’s report on the Issues in real estate sector of Pakistan gets approved, stay tuned to Zameen News.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
