National Assembly Approved Development of RERA
National Assembly, on Tuesday, passed a bill called Islamabad Real Estate (Regulation and Development) Bill, 2020. The bill reasoned that the establishment of a Real Estate Regulatory Authority (RERA) is a necessity to regularize the real estate sector as the sector has great potential and proper regulations will result in receiving maximum benefits from it. The regulatory body will be helpful for all the stakeholders; buyers, sellers, builders, developers and tenants. It will ensure that the process of selling and buying properties is smooth, transparent and non-conflicting. Moreover, in case of having a dispute, the body will redress the complainers in the most legalized way. Also, an Appellate Tribunal will be established that will hear appeals made by people against the directives of RERA. The body will ensure transparency and accountability in real estate sector, thus resulting in countering corruption or malfunctioning. It will also help to configure fraudulent realtors and un-registered real estate companies that have been defrauding innocent people and has negatively affected the credibility and reputation of the sector that has great potential to boost up the economy.
The initiative of making a regulation body shows the government has realized the strength of real estate sector and the scope of benefits towards the economic state of the country. As according to a recent report by the Federal Bord of Revenue (FBR), under the Construction Relief Package and Amnesty Scheme for real estate sector, 127 projects were registered with tax department worthy of Rs 63 billion.