ISLAMABAD: To handle and promote real estate matters, the Federal Government has decided to form a Real Estate Regulatory Authority (RERA) with an appellate tribunal that will help settle disputes of the concerned sector.
By finalising the Real Estate Regulation and Development Bill 2019, the government has taken matters forward as the Real Estate Regulation and Development Act is expected to be implemented through a presidential ordinance later.
The authority will be headed by a chairman who will be appointed by the government. The matters within the purview of the authority or appellate tribunal will not fall under the ambit of civil courts.
According to the bill, the real estate agents will have to register with RERA for the sale of plots, houses or buildings. Prior approval will also be mandatory from RERA before any work on real estate project starts, as the developers will have to submit details of their past projects along with a full plan of the future of the project with the authority. Without approval, no promoter will be able to sell or purchase any plot or publish an advertisement.
RERA will also be authorised to revoke licenses of promoters in case of violation of the terms of the authority, as it is being formed to protect and promote the rights of real estate agents. To further encourage investment in the sector, the authority will act as a consultant for the government on various development projects.
A central advisory council having representatives from the Interior and Finance Ministries, National Housing Authority, Naya Pakistan Housing Authority, including an additional Secretary-level Officer from the Ministry of Law and Justice, will also be formulated to oversee the rights of the consumers.
For news and blogs visit Graana.com.