{"id":66513,"date":"2019-09-04T05:54:33","date_gmt":"2019-09-04T05:54:33","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=66513"},"modified":"2019-09-04T05:54:35","modified_gmt":"2019-09-04T05:54:35","slug":"real-estate-regulatory-authority-pakistan","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/blog\/real-estate-regulatory-authority-pakistan.html","title":{"rendered":"Government to Establish Real Estate Regulatory Authority in Pakistan"},"content":{"rendered":"\n<p>The government of Pakistan has reportedly decided to establish a regulatory body for effective management and exclusive oversight of the real estate sector in the country. According to a report published by a local English daily, the federal authorities have finalized Real Estate Regulation and Development Bill 2019, under which the Real Estate Regulatory Authority (RERA) will be formed.&nbsp;<\/p>\n\n\n\n<p>As per the news report, the 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, protect consumer rights and act as a consultant for the federal government on development projects.<\/p>\n\n\n\n<p>The move comes after years of demands for the establishment of a regulatory body. In fact, most real estate experts believed it to be the next step in Pakistan\u2019s real estate evolution.&nbsp;<\/p>\n\n\n\n<p>Before we discuss what we know about the expected Real Estate Regulatory Authority rules and laws, so far, let\u2019s take a look at the reasons why developers and marketers have been calling for the creation of such authority for so long.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why Does Pakistan Need a Real Estate Regulatory Authority?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/www.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-3-1-2-1024x640.jpg\" alt=\"development projects in Pakistan\" class=\"wp-image-66547\" srcset=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-3-1-2-1024x640.jpg 1024w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-3-1-2-300x188.jpg 300w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-3-1-2-768x480.jpg 768w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-3-1-2-640x400.jpg 640w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-3-1-2.jpg 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>The establishment of RERA can protect the rights of both buyers and brokers<\/figcaption><\/figure>\n\n\n\n<p>The real estate sector in Pakistan is facing a number of serious issues, almost all of which can be resolved or at least addressed by the establishment of the Real Estate Regulatory Authority.&nbsp;<\/p>\n\n\n\n<p>For instance, most property-related conflicts in Pakistan take years to get resolved, sometimes even spanning over decades. These legal disputes freeze people\u2019s capital, pushes away potential investors, destabilize the market and even lower the public\u2019s confidence in the real estate sector.&nbsp;<\/p>\n\n\n\n<p>Moreover, an exclusive body was needed to regulate local development authorities and resolve complaints registered against them. The Real Estate Regulatory Authority was also needed to resolve any jurisdiction-related conflicts between local bodies by maintaining consistent policies.<\/p>\n\n\n\n<p>One of the biggest benefits of the Real Estate Regulatory Authority in Pakistan is that it will protect the rights of both the buyer and the broker. Also, development-related disputes would be addressed in a professional and timely manner, saving people from losing any money and drawing more investors.<\/p>\n\n\n\n<p>\u201cIf you talk about legal issues related to real estate, there is no regulatory authority here. A regulatory authority should be created,\u201d EMPG CEO Imran Ali Khan explained during a recent interview, emphasizing the need for the creation of Real Estate Regulatory Authority in Pakistan.&nbsp;<\/p>\n\n\n\n<p>Mr Khan, who is widely considered a real estate expert, is the CEO and co-founder of Emerging Markets Property Group. The group operates leading property portals in Pakistan, the United Arab Emirates, Bangladesh, Morocco, Algeria, Tunisia and Saudi Arabia. In Pakistan, EMPG owns Zameen.com and Zameen Developments.&nbsp;<\/p>\n\n\n\n<p>During his interview with Zameen.com, Mr Khan said a regulatory authority will not only look at by-laws but also the entire process, such as pricing etc. He also gave the example of a similar authority operating in the United Arab Emirates.<\/p>\n\n\n\n<p>\u201cIf you go to Dubai, it has the most advanced and well-developed regulatory authority in the region, which has evolved greatly,\u201d he added. \u201cIt has tenant protection as well, so the rent cannot be suddenly increased. If [the rent] is very low then the protection for the landlord is also available. Hence, many things are overseen by a regulatory authority, which will regulate the entire process and the overall industry will benefit in the long term.\u201d<\/p>\n\n\n\n<p>You can watch Mr Khan\u2019s interview below.<\/p>\n\n\n\n<figure class=\"wp-block-embed-facebook wp-block-embed is-type-video is-provider-facebook\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"facebook_embed_wrapper alia_embed_wrapper\"><!--ALIA start embed content--><div id=\"fb-root\"><\/div><script async=\"1\" defer=\"1\" crossorigin=\"anonymous\" src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js#xfbml=1&amp;version=v4.0\"><\/script><div class=\"fb-video\" data-href=\"https:\/\/www.facebook.com\/ZameenPK\/videos\/453998798529453\/\" data-width=\"880\"><blockquote cite=\"https:\/\/www.facebook.com\/ZameenPK\/videos\/453998798529453\/\" class=\"fb-xfbml-parse-ignore\"><a href=\"https:\/\/www.facebook.com\/ZameenPK\/videos\/453998798529453\/\">5 million houses in 5 years \u2013 a possible target to meet? Imran Ali Khan speaks on Naya Pakistan Housing Programme | Zameen Interviews<\/a><p>Imran Ali Khan is the CEO &amp; Co-Founder of Emerging Markets Property Group (EMPG), which runs leading property portals in Pakistan and abroad. EMPG also operates Zameen.com and its sister company, Zameen Developments.Zameen.com interviewed Mr. Khan on the ambitious initiative of the incumbent government called the Naya Pakistan Housing Programme.On April 17th, Prime Minister Imran Khan announced that his government would provide 5 million affordable houses in Pakistan to people who don&#039;t own homes across the country, within a timeframe of 5 years. About Zameen Interviews: Zameen Interviews is a new platform geared towards educating the masses on a range of current affairs and social issues through video interviews of prominent personalities who are leaders in their fields&#8230;.\u25ba Music Credit: Ross BugdenTrack Name: &quot;Black Heat&quot;Music By: Ross Bugden &#064; https:\/\/soundcloud.com\/rossbugdenOfficial &quot;Ross Bugden&quot; YouTube Channel: https:\/\/www.youtube.com\/channel\/UCQKG&#8230;License for commercial use: Creative Commons Attribution 4.0 International (CC BY 4.0) https:\/\/creativecommons.org\/licenses\/&#8230;Music promoted by NCM https:\/\/goo.gl\/fh3rEJ-<\/p>Posted by <a href=\"https:\/\/www.facebook.com\/ZameenPK\/\">Zameen.com<\/a> on Friday, August 23, 2019<\/blockquote><\/div><!--AliA end embed content--><\/div>\n<\/div><\/figure>\n\n\n\n<p>Thus, RERA can play a pivotal role when it comes to the oversight, modernization and welfare of the real estate sector in Pakistan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What We Know About the New Real Estate Regulatory Authority&nbsp;<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/www.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-2-1-1-1024x640.jpg\" alt=\"real estate sector in Pakistan\" class=\"wp-image-66548\" srcset=\"https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-2-1-1-1024x640.jpg 1024w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-2-1-1-300x188.jpg 300w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-2-1-1-768x480.jpg 768w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-2-1-1-640x400.jpg 640w, https:\/\/cdn-blog.zameen.com\/blog\/wp-content\/uploads\/2019\/09\/image-2-1-1.jpg 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Real estate agents will have to register with RERA before selling any property<\/figcaption><\/figure>\n\n\n\n<p>So far, here\u2019s what we know about the Real Estate Regulatory Authority and how it will reportedly affect the real sector in Pakistan.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>According to the report, the federal government will appoint the chairman of the regulatory body.<\/li><li>Registration with the RERA will be mandatory for real estate agents for selling any type of property in Pakistan. This includes selling plots, houses and buildings as well. <\/li><li>It will be mandatory for developers to seek approval from the RERA before starting any sort of work on a development project.<\/li><li>To get approval from the regulatory body, developers will be required to submit all details pertaining to their current and past real estate projects along with any future plans.<\/li><li>Promoters will need approval from the RERA to promote and advertise any type of real estate projects in Pakistan.<\/li><li>In case of a violation, the regulatory body will have the power to cancel the license of any promoter\/marketer.<\/li><li>The Real Estate Regulatory Authority will also protect the rights of both real estate agents and the individuals whom the property is allotted to.<\/li><li>Civil Courts will not take on the cases related to real estate disputes that fall within the purview of the RERA or appellate tribunal.<\/li><\/ul>\n\n\n\n<p>The federal authorities will also reportedly form a Central Advisory Council, which will have representation from the National Housing Authority and Naya Pakistan Housing Authority along with the Ministry of Interior and the Ministry of Finance. The council will also include an additional officer from the Ministry of Law and Justice.<\/p>\n\n\n\n<p>Please note that we will continue to update the blog with the latest news about the establishment of the RERA as more information is released. If you have any queries regarding real estate investment in Pakistan, head over to Zameen Blog, the <a rel=\"noreferrer noopener\" aria-label=\"leading property blog in Pakistan (opens in a new tab)\" href=\"http:\/\/zameen.com\/blog\/\" target=\"_blank\">leading property blog in Pakistan<\/a>.\u00a0<\/p>\n\n\n\n<p>You can also send us an email at <a href=\"mailto:blog@zameen.com\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">blog@zameen.com<\/a>.&nbsp; <br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of Pakistan has reportedly decided to establish a regulatory body for effective management and exclusive oversight of the real estate sector in the country. According to a report published by a local English daily, the federal authorities have finalized Real Estate Regulation and Development Bill 2019, under which the Real Estate Regulatory Authority (RERA) will be formed.&nbsp; As per the news report, the 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, protect consumer rights and act as a consultant for the federal government on development projects. The move comes after years of demands for the establishment of a regulatory body. In fact, most real estate experts believed it to be the next step in Pakistan\u2019s real estate evolution.&nbsp; Before we discuss what we know about the expected Real Estate Regulatory Authority rules and laws, so far, let\u2019s take a look at the reasons why developers and marketers have been calling for the creation of such authority for so long. Why Does Pakistan Need a Real Estate Regulatory Authority? The real estate sector in Pakistan is facing&hellip;<\/p>\n","protected":false},"author":81,"featured_media":66546,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11053],"tags":[4313,851,26966,197,33,34811,34812,1302,34813],"persona":[32409,32414,32411],"class_list":{"0":"post-66513","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-laws-taxes","8":"tag-investment-in-pakistan","9":"tag-pakistan-property-market","10":"tag-pakistans-real-estate-sector","11":"tag-property-in-pakistan","12":"tag-real-estate","13":"tag-real-estate-regulatory-authority-in-pakistan","14":"tag-real-estate-regulatory-authority-rules","15":"tag-real-estate-sector","16":"tag-regulation-and-development","17":"persona-constructiondevelopments","18":"persona-laws","19":"persona-property-investment","20":"cat-11053-id"},"acf":[],"yoast_head":"<!-- This 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