Islamabad: The National Assembly on Tuesday (October 20) approved the Islamabad Rent Restriction (Amendment) Bill, 2020 and the Islamabad Real Estate (Regulation and Development) Bill, 2020 to regulate the real estate sector, according to a news report. In addition to these, the house approved another 13 bills including the Islamabad Capital Territory Food Safety Bill, 2020.
The objectives of the Islamabad Real Estate (Regulation and Development) Bill 2020 are that there is a need to establish a Real Estate Regulatory Authority (RERA) in order to regulate the property sector, protect consumers’ interest and make the real estate dealings more transparent and efficient.
Further, it will give stakeholders a speedy redress of their complaints regarding property disputes via the authority’s adjudication mechanism and provide an Appellate Tribunal for appeals. The Real Estate (Regulation and Development) Bill 2020 would also ensure smooth sale of real estate projects and individual property units in an efficient manner.
The Islamabad Rent Restriction (Amendment) Bill, 2020 is meant to ensure that every agreement between the landlord and the tenant is presented before the controller for record keeping purposes. In addition, it also prescribes that any payments related to the tenancy agreement has to be made via cross cheques or any form of official acknowledgement.
The rent restriction bill recommends that there will be a 10% annual rise in rents of residential and non-residential buildings, unless the two parties decide otherwise in writing. A mediation council, president by the Islamabad Chambers of Commerce and Industries (ICCI) president or his nominee would be tasked with resolving any disputes.
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.
