Karachi: Pakistan Real Estate Investment Forum (PREIF) has proposed the Government of Pakistan to form a real estate regulatory authority like the one operating in Dubai to provide security to investors, reported a news source. These recommendations were forwarded to Federal Minister Finance Asad Umar in writing.
PREIF also recommended the government to implement the valuation tables notified by the Federal Board of Revenue in 274 cities, similar to how the DC rates have been implemented. It suggested that Pakistan’s real estate sector shouldn’t be operated like the stock exchange; it should instead have a real estate regulatory authority in place as this will increase investors’ confidence and make the sector’s revenue grow to PKR 100 billion.
The letter also mentioned that determining real estate value isn’t possible via an index as the rate depends on what buyers offer, which can be in tens of millions in some cases, or as low as a couple of hundred thousands in others.