Islamabad: The federal government on Monday approved the establishment of the Real Estate Regulatory Authority (RERA), according to news sources. Special Assistant to the Prime Minister (PM) on Information and Broadcasting Firdous Ashiq Awan told a press briefing that the government wanted to facilitate and regulate the real estate sector through the formation of this body.
Oversee the business activities of all builders and developers
Make registration a mandatory requirement for real estate agents operating countrywide
Approve building/society plans – developers will not be able to promote (conduct sales/purchases of plots) their projects without the authority’s approval
Regulate and uphold the rights of property agents as well as housing project allottees
Please note that stakeholders in the real estate sector have been calling for a regulatory body to govern their affairs for quite some time. Earlier in September, this regulatory authority was established through the approval of a special-purpose Real Estate Regulation & Development Bill 2019. It would comprise of an appellate tribunal tasked with settling property disputes; under the supervision of a government-appointed chairperson.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
