After the approval from the federal cabinet of Pakistan on Monday, a Real Estate Regulatory Authority (RERA) to be formed in the country.
The federal cabinet has decided that the builders and developers will now have to take permission from the regulatory authority before initiating any new housing project in the country. The details further said that they are also barred from selling and buying plots without the approval from the authority.
While talking to the media reporters, a Special Assistant to Prime Minister for Information and Broadcasting, Dr Firdous Ashiq Awan said that the decision was taken to regulate and facilitate the real estate sector of the country.
She said that it is the only possible when we have a regulatory authority to protect the real estate sector of Pakistan.
On the other hand, a member of the Association of Builders and Developers of Pakistan, Arif Jeewa said that the step taken by the government will have a negative impact on the construction industry.
“No stakeholder was taken on board before making this decision,” Mr Jeewa said.