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RERA Pakistan Synopsis and Status

Real Estate Regulatory Authority (RERA) and position of Pakistan in this regard.

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RERA Pakistan Synopsis and Status

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  1. REAL ESTATE REGULATORY AUTHORITY RERA Pakistan, a synopsis and Current Status Graphic is generated By AI

  2. Introduction • The Real Estate Regulatory Authority (RERA) in Pakistan, a regulatory framework in the making, is designed to oversee and standardize the real estate sector. • As a part of the whole scheme, Islamabad Real Estate (Regulation and Development) Act 2020, under The Islamabad Real Estate (Regulation and Development) Act, 2021 has been adopted. • Inspired by India’s RERA Act of 2016, Pakistan’s RERA aims to improve transparency, accountability, and consumer protection within the real estate industry. By requiring the registration of real estate projects and brokers, RERA seeks to regulate the conduct of developers, builders, and agents, aiming to reduce fraudulent practices and ensure timely project delivery. The authority is expected to create a structured, investor-friendly environment, encouraging both local and foreign investment in Pakistan's real estate market. However, successful implementation faces challenges like regulatory overlap, resistance from developers, and the need for coordination with provincial authorities.

  3. Objectives and Key Provisions- 1 • Pakistan's real estate sector contributes significantly to the country's economy. However, issues like fraud, delays and lack of transparency have hindered this growth • The Real Estate Regulatory Authority (RERA) is a government agency established to regulate and promote transparency, accountability and efficiency in the real estate sector. • RERA aims to protect consumer interests and promote fair practices in the industry.

  4. Objectives and Key Provisions- 2 • RERA also aims to regulate real estate transactions and projects. • Register and license real estate agents and developers. • Establish a transparent and fair grievance redressal mechanism. • Promote ethical business practices. • Ensure timely completion of projects.

  5. Challenges Facing by RERA in Pakistan Limitations for RERA, Pakistan, are: • Lack of awareness among consumers and stakeholders. • Limited enforcement mechanisms. • Corruption and fraudulent practices. • Delayed project completion and disputes. • Insufficient data and infrastructure.

  6. Benefits of RERA for Stakeholders Benefits from consumers’ point of view: • Enhanced protection from fraudulent activities. • Transparency in transactions. • Timely possession of properties. • Efficient dispute resolution. Benefits for developers and agents: • Increased credibility and trust. • Clarity on regulatory requirements. • Fair competition.

  7. Present situation • Pakistan has not moved forward to implement even Islamabad RERA, which was to be passed on to the provinces for indigenization as per local real estate related rules/regulations. • A writ petition has been filed in Islamabad to move the Govt for action on ground to implement Islamabad RERA. • Copies of the writ petition, order dated 19-08-2022 is attached here with. Gazette Notification No. No. F. 23(17)/2020-Legis. Source: http://www.pcp.gov.pk/Download

  8. Conclusion andRecommendations Strengthen RERA for a Robust Real Estate Sector Recommendations: • Enhance public awareness campaigns. • Strengthen enforcement mechanisms. • Foster collaboration among stakeholders. • Develop infrastructure for efficient data management.

  9. RERAof India • Launched in 2016 • Initial RERA Model, as per global practice, was launched in Delhi, as a central RERA • The States/Provinces were then asked to introduce local state RERAs, in compliance of local housing scenario and real estate regulatory regimes. • RERA in India is now functional in about 24 of 29 states. • A developer/builder needs to get prior approval of RERA of its project, in terms of its scope, construction quality standards, the architect firm, audit firm, delivery schedule etc. • To enforce implementation of RERA, it is fully vigilant to ensure the Developers/Builders develop housing and habitat as per RERA approval. • Enforcement Department: Any violation of the project scope and specifications, as per initial approval is passed on to Enforcement Department, for any needed action to ensure compliance, and/or to take punitive action. Graphic is generated By AI

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