Real Estate Regulatory Authority (RERA) is going to be created
The federal government agreed to create a Real Estate Regulatory Authority (RERA) in order to handle all property matters with an Appellate Tribunal it is a very positive step towards improving the industry
The federal government agreed to create a Real Estate Regulatory Authority (RERA) in order to handle all property matters with an Appellate Tribunal it is a very positive step towards improving the industry. All the real estate agents will have to register first with the authority for the sale of plots, houses or any kind of property. Most property-related conflicts in Pakistan take years to get resolved, sometimes even spanning over decades. Real Estate Regulatory Authority will protect the rights of both the buyer and the broker. Development-related disputes would be addressed in a professional and timely manner, saving people from losing any money.
RERA will be build on following objectives:
RERA will manage matters related to the real estate sector with an appellate tribunal.
In addition to regulation and development, the authority will also promote investment in Pakistan property market.
It will protect consumer rights.
It will act as a consultant for the federal government on development projects.
According to the report, the federal government will appoint the chairman of the regulatory body.
Real estate agents are obliged to register with the RERA to sell any kind of building in Pakistan.
Promoters will need approval from the RERA to promote and advertise any type of real estate projects in Pakistan.
The developers will have to provide information of existing and previous real estate developments and future plans in order to gain approval from the regulatory body.
RERA will also have the authority to revoke the license of the promoter in case of any violation and it will also grant rights to the real estate agents and look after it.