ISLAMABAD: RERA bill was passed in Senate on 20th October, 2020. This development is expected to help in the regulation and promotion of Real Estate sector in Islamabad capital territory. Bill was originally meant to regularize the national property marketplace and ease the process for people who wants to invest in this sector.
RERA is expected to be beneficial to overseas developers, builders and investors.
It has made the registration mandatory for real estate agents operating countrywide. Only approved buildings and societies will be allowed to operate in the city. Other than that no developer will be allowed to promote their products without the authority’s permission.
Here is what’s expected from these updated laws relating to real estate.
- It will reform the laws relating to the transfer of property
- It will improve the system of transfer of property both outside and within housing societies.
- It will help to introduce comprehensive laws for regulation of relations between investors, consumers, developers, and housing societies.
- It will provide the platform to the companies for getting themselves registered, and license to the real estate agents, developers & marketers.
- It will set uniform standards and guidelines to ensure smooth working of the real estate sector.
- It will rightly use its powers to scrutinize, castigate & enforce its decisions relating to the real estate sector.
The government plans to use the bill as a tool for the controlling and promotion of the real estate sector in the country. The bill will make it obligatory for originators to have RERA’s approval before instigating work on any real estate project. Without the approval, no developer or marketer will be allowed to sell a property.