Islamabad: Senate’s Committee on Interior met on Thursday to discuss a bill of Real Estate Act 2017, which aims to establish a Real Estate Regulatory Authority (RERA), a news source reported. The committee was chaired by Senator Abdul Rehman Malik, while the bill was presented by Senator Mohsin Aziz.
The proposed authority will look into the matters to regulate the real estate industry and work on carving means to promote it. This will help in efficient and transparent sale of plots, apartments, buildings, and other real estate projects.
This will also support the interests of the consumers in real estate sector, and involves setting a system for fast resolution of disputes. An Appellate Tribunal will also be formed to cater to the appeals from the decisions, directions, or orders issued by the regulatory authority.
Additionally, the committee was briefed about the consideration of illegal and private housing societies on Islamabad Capital Territory (ICT) and CDA policies regarding them.