Islamabad: The Ministry of Law and Justice has broadened the role and jurisdiction of the recently established Naya Pakistan Housing Authority, a news source reported. In this regard, the ministry issued a presidential ordinance gazette notification yesterday.
According to the notification, the authority will be independent in its administrative and financial matters. For this purpose, it will be authorised to form a real estate investment trust and issue bonds and sukkuk. Furthermore, the authority will also operate independently to issue term finance certificates or collect funds on the basis of Musharika Certificates.
In addition, the ordinance also allows the authority to seek financial help from the relevant authorities and government offices as well as take funds from donor agencies. The Naya Pakistan Housing Authority can seek loans or grants from both provincial and federal departments.
As per the details shared in the official notification, those causing hurdles in the operation of Naya Pakistan Housing Authority will face legal charges. These include a jail sentence of one year or a penalty of PKR 200,000. The cases against such culprits will be heard by the magistrate court.
Furthermore, the authority will also appoint its own enforcement inspectors.
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.
