It looks like the government has finally realised that the rules and procedures related to the sale/purchase of properties are too byzantine and complicated. Now, it plans to revamp them. About time!
Or wait, is this just a result of some kind of foreign intervention? Well, let me just say that the issue came to the fore during a recent meeting between government officials and World Bank representatives. This makes me think that the government has made the effort to bring about changes to the procedures in the wake of foreign criticism.
According to a news source, a team comprising three members of the World Bank recently had a meeting with the officials of City District Government of Lahore (CDGL), in which the World Bank representatives openly admired Lahore’s potential in terms of real estate investment. They, however, expressed concern over the procedures in place to transfer property from one name to another.
With the exception of only a few societies, property buyers and sellers have to follow a lengthy process that requires the involvement of not-so-dear patwaris who know how to manipulate records to provide benefits to their favourites, or to heat their own palms with a good number of dimes.
Whatever it is, CDGL Finance Executive Tariq Manzoor Chandio has reportedly assured the World Bank that property transfer procedures will be simplified. The representatives were also informed that more than 50 percent of Lahore’s land record has been computerised and the remaining records will be computerised in a year or so.
Taking recent happenings into account, it seems that the foreign officials plan to invest in Lahore’s property market, but no official source has confirmed this just yet.
Although the CDGL has decided to simplify the property transfer procedure, we still have to wait until the implementation of the plan before making tall claims. If the plan materialises, property investors will probably heave a great sigh of relief, even though they are really annoyed right now about the recently increased property taxes, which have affected sale-purchase activity not only in Lahore, but also in other cities of the country.
What’s worth noting is how government officials planned to change property transfer procedures after considering the input of foreign elements, not the woes of local buyers and sellers. Sad as this may be, the property sector must flourish as it contributes massively in the economic growth of the country. So, we will hail the move, rather than criticise. Hopefully, one day, the government will give this sector the importance it deserves.
That’s all I want to say. What do you think the government should do for strengthening the property sector? Let me know in the comments section below.
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