{"id":71555,"date":"2020-10-21T13:19:38","date_gmt":"2020-10-21T08:19:38","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=71555"},"modified":"2020-10-21T13:19:39","modified_gmt":"2020-10-21T08:19:39","slug":"na-passes-islamabad-real-estate-bills-2020","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/na-passes-islamabad-real-estate-bills-2020.html","title":{"rendered":"NA passes ‘Islamabad Real Estate (Regulation & Development), Rent Restriction Bills 2020’"},"content":{"rendered":"\n

Islamabad: The National Assembly on Tuesday (October 20) approved the Islamabad Rent Restriction (Amendment) Bill, 2020 and the Islamabad Real Estate (Regulation and Development) Bill, 2020 to regulate the real estate sector, according to a news report. In addition to these, the house approved another 13 bills including the Islamabad Capital Territory Food Safety Bill, 2020.<\/p>\n\n\n\n

The objectives of the Islamabad Real Estate (Regulation and Development) Bill 2020 are that there is a need to establish a Real Estate Regulatory Authority (RERA) in order to regulate the property sector, protect consumers\u2019 interest and make the real estate dealings more transparent and efficient.<\/p>\n\n\n\n

Read:<\/strong> Govt approves RERA formation<\/a><\/p>\n\n\n\n

Further, it will give stakeholders a speedy redress of their complaints regarding property disputes via the authority\u2019s adjudication mechanism and provide an Appellate Tribunal for appeals. The Real Estate (Regulation and Development) Bill 2020 would also ensure smooth sale of real estate projects and individual property units in an efficient manner.<\/p>\n\n\n\n

The Islamabad Rent Restriction (Amendment) Bill, 2020 is meant to ensure that every agreement between the landlord and the tenant is presented before the controller for record keeping purposes. In addition, it also prescribes that any payments related to the tenancy agreement has to be made via cross cheques or any form of official acknowledgement.<\/p>\n\n\n\n

The rent restriction bill recommends that there will be a 10% annual rise in rents of residential and non-residential buildings, unless the two parties decide otherwise in writing. A mediation council, president by the Islamabad Chambers of Commerce and Industries (ICCI) president or his nominee would be tasked with resolving any disputes.<\/p>\n\n\n\n

Read:<\/strong> FBR issues SRO regulating real estate transactions<\/a><\/p>\n\n\n\n

The other bills passed by the assembly are:<\/p>\n\n\n\n

  1. The Legal Practitioners and Bar Councils (Amendment) Bill, 2020<\/li>
  2. The Criminal Law (Amendment) Bill, 2020<\/li>
  3. The Mental Health (Amendment) Bill, 2020<\/li>
  4. The National Database and Registration Authority (Amendment) Bill, 2020<\/li>
  5. The National, Vocational and Technical Training Commission (Amendment) Bill, 2020<\/li>
  6. The Elections (Amendment) Bill, 2020<\/li>
  7. The Constitution (Amendment) Bill, 2020<\/li>
  8. The Biometric Electoral Voting Bill, 2020<\/li>
  9. The Legal Aid and Justice Authority (Amendment) Bill, 2020<\/li>
  10. The Prevention of Offences in Sports Bill, 2020<\/li>
  11. The Islamabad Model Police Bill, 2020<\/li>
  12. The Pakistan Penal Code (Amendment) Bill, 2020<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

    Islamabad: The National Assembly on Tuesday (October 20) approved the Islamabad Rent Restriction (Amendment) Bill, 2020 and the Islamabad Real Estate (Regulation and Development) Bill, 2020 to regulate the real estate sector, according to a news report. In addition to these, the house approved another 13 bills including the Islamabad Capital Territory Food Safety Bill, 2020. The objectives of the Islamabad Real Estate (Regulation and Development) Bill 2020 are that there is a need to establish a Real Estate Regulatory Authority (RERA) in order to regulate the property sector, protect consumers\u2019 interest and make the real estate dealings more transparent and efficient. Read: Govt approves RERA formation Further, it will give stakeholders a speedy redress of their complaints regarding property disputes via the authority\u2019s adjudication mechanism and provide an Appellate Tribunal for appeals. The Real Estate (Regulation and Development) Bill 2020 would also ensure smooth sale of real estate projects and individual property units in an efficient manner. The Islamabad Rent Restriction (Amendment) Bill, 2020 is meant to ensure that every agreement between the landlord and the tenant is presented before the controller for record keeping purposes. In addition, it also prescribes that any payments related to the tenancy agreement…<\/p>\n","protected":false},"author":18,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15017],"tags":[41770,41768,10497,41769],"persona":[],"class_list":{"0":"post-71555","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-notices-announcements","9":"tag-islamabad-real-estate-regulation-development-bill-2020","10":"tag-real-estate-regulatory-authority-pakistan","11":"tag-rera-pakistan","12":"tag-the-islamabad-rent-restriction-amendment-bill-2020","13":"cat-15015-id","14":"cat-15017-id"},"acf":[],"yoast_head":"\nNA passes 'Islamabad Real Estate Bills 2020' - Zameen News<\/title>\n<meta name=\"description\" content=\"The rent restriction bill recommends that there will be a 10% annual rise in rents of residential and non-residential buildings, unless the two parties...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/na-passes-islamabad-real-estate-bills-2020.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NA passes 'Islamabad Real Estate Bills 2020' - 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