Islamabad: The Punjab government has decided to grant a one-time amnesty facility to illegal housing schemes by offering an opportunity for regularisation, according to a news source.
This decision was made against the backdrop of a number of court proceedings against illegal societies in the province.
An informed source revealed that a legislative instrument is also being crafted for this purpose. This instrument will be put forth to the Punjab Assembly for approval.
Previously, the Federal Investigation Agency (FIA) had submitted a report to the Supreme Court, which revealed that a total of 5,492 illegal or undocumented housing societies exist in Pakistan – out of which 4,098 are in Punjab.
This new law being drafted will focus on tackling loopholes present in land development and property registration. It will also involve eliminating legal protection to unrecorded transactions, payment of stamp duty to protect property rights, and reorganising the property registration system. These measures will be taken to regularise and strengthen the property sector, and also to establish property rights.
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.
