Islamabad: The federal government has initiated a comprehensive review of the legal and regulatory framework governing the real estate sector in Islamabad, with a focus on strengthening property rights, transparency and public confidence.
Federal Minister for Law, Justice and Human Rights Azam Nazeer Tarar chaired a high-level meeting on Monday to review the existing Real Estate Regulatory Authority (RERA) framework and consider options for introducing a new legal and regulatory regime for the federal capital.
Federal Minister for Finance and Revenue Mohammad Aurangzeb, Minister of State for Interior Talal Chaudhry, Capital Development Authority (CDA) Chairman and Chief Commissioner Islamabad retired Lt Sohail Ashraf, and senior officials from the ministries of interior and law and justice attended the meeting.
Participants discussed the need for an effective, transparent and people-oriented regulatory system for Islamabad’s real estate sector, including the existing RERA framework, its implementation, institutional responsibilities and regulatory arrangements.
The meeting agreed to hold further consultations on RERA legislation and conduct a comprehensive review of available legal and regulatory options. Tarar constituted a subcommittee comprising representatives of the ministries of interior and law and justice and the CDA to examine legal options, regulatory arrangements and institutional mechanisms relating to RERA.
The subcommittee was directed to submit its report within 20 days.
The proposed regulatory system is expected to protect citizens’ interests and property rights while strengthening transparency, accountability and effective regulation.
Tarar said Islamabad’s regulatory and institutional framework needed to be strengthened to develop the capital as a model city. He said protection of citizens’ property rights, effective regulation and safeguarding the public interest should remain key objectives of the reform process.
The law minister also said an effective legal framework was essential for promoting low-cost housing, facilitating access to housing finance and helping citizens secure property ownership. A transparent and people-oriented regulatory system, he added, would help restore public confidence in the real estate sector.
The meeting also discussed digitisation of land records as an important component of the RERA review. Mohammad Aurangzeb stressed that greater transparency was needed to restore confidence in the real estate sector and said digitised land records could strengthen the confidence of banks and the public.
Talal Chaudhry appreciated reforms undertaken by the CDA and called for further consultations on the available options for the RERA framework.
The meeting agreed that the federal government, CDA and private sector would be key stakeholders in developing an effective regulatory system, with consultations involving relevant stakeholders to be held as the future legal and regulatory framework is formulated.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
