What is RERA? A Guide to Real Estate Regulatory Authority (RERA) Pakistan

Feb 09, 2022 by Naukhez Arshad Qadir

RERA Pakistan is a remarkable effort of the Government to keep the real estate industry in check. Pakistan property industry is a promising industry in Pakistan, which provides an opportunity to generate billions of dollars annually. Keeping a tab on the industry is important for the economy’s growth, and Real Estate Regulatory Authority (RERA) does so.

With a lack of rules and regulations and loose implementation of laws, illegal activities in the industry have increased to an alarming level. Therefore the incumbent government established the Real Estate Regulatory Authority a couple of years to deal with the issues.

The concept of regulatory authority is quite new in the country, and many real estate agents still do not know much about it. To help our readers Reall.Pk has prepared this guide about what is RERA and its importance and needs. So let’s get started:


Need for Real Estate Regulatory Authority:


The real estate industry is revenue-generating in Pakistan; with such a huge amount of money, discrepancies are bound to occur from time to time. Sometimes, these discrepancies are caused by human error, which is due to corruption several times.

Whatever the reason is, the regulatory body is needed to cope with these issues. Thus, the Pakistani Government established RERA - Real Estate Regulation Authority.

In Pakistan, people dealing in real estate often face issues regularly. A small matter can take years in mattes; settling the cases, stay-orders, and inheritance cases lingering in courts for decades is not new in the property sector. Land encroachments and illegal buildings are also among the many issues related to the real estate industry in Pakistan.

While dealing in real estate, many shady agents with a lack of industry knowledge only see clients as profit-making machines. They might immediately find you a property and fulfill your short-term needs rather than coming up with the ideal and best deal to make a long-term relationship with the buyer/investors.

These issues and many others waste the investors’ and sellers’ time and energy; they can also freeze any of them.

Real Estate Regulatory Authority – the government establishes RERA to formulate consistent policies and maintain them accordingly.

RERA Pakistan ensures all policies are being implemented and gives the property industry much-needed guidance in the right direction.
Real Estate Regulatory Authority protects both parties involved in buying and selling the property. The regulatory body of Pakistan is responsible for all types of persons involved in property deals, for instance, seller, buyer, broker, or someone looking for a place to rent.

RERA will be responsible for handling and solving the disputes according to the policies with no personal favors.
These efforts save time and money and encourage people to invest in real estate without any fear.


The highlight of RERA:


Real Estate Regulatory Authority (RERA) is the new regulatory body in Pakistan, and here are a few of the highlighted features:
 
  • The federal government appoints the Chairman.
  • Real estate agents who are involved in selling and buying must have to register themselves with RERA.
  • The residential and commercial projects developers will have to seek approvals from relevant authorities, including RERA. The clearances should be asked for before initiating any project.
  • The developers will be asked to submit details regarding current and past projects.
  • Real estate marketing companies need to get approval from RERA before marketing any real estate project.
  • RERA has the authority to cancel licenses of real estate developing and marketing companies if they feel they meet the relevant policy’s compliance and criteria.
  • RERA is responsible for protecting the rights of property owners and real estate agencies associated with property business.
  • The governing body is responsible for encouraging real estate investment
  • RERA will act as a consultant to the development schemes which the Government sponsors
  • RERA will be handling legal issues. Legal disputes will not be pursued in the Civil Courts and an appellate tribunal that will fall under RERA jurisdiction.
  • The Central Advisory Council will include representatives from different National Housing Authority (NHA), Naya Pakistan Housing Authority (NPHP), Ministry of Interior, Ministry of Law and Justice, and Ministry of Finance.


Responsibilities of RERA:


Many attempts have been made to form an efficient regulating body to create and establish laws and encourage investment in real estate. Real Estate Regulatory Authority is a successful effort of the government. Here is a list of responsibilities that are supposed to be carried off by RERA. Let’s have a look:
 
  • RERA will act as a guide on government-related tasks to the real estate industry.
  • RERA will be working on updating laws associated with property transfer in Pakistan.
  • The regulatory body is supposed to manage customer complaints
  • Resolve issues that are related to land disputes
  • RERA will be monitoring the system of Property system in Pakistan.
  • Bring a reformed structural system to help property stakeholders
  • Register real estate marketing companies, developers, and real estate agents
  • Set compliance for the smooth running of the property industry.
  • Charge Fines after inspection to the people who violate these rules and regulations.


Let’s conclude:


That’s all for now about RERA Pakistan! We hope that it has cleared lots of confusion about the newest regulatory body of Pakistan. It is expected that RERA will make sure every activity in the real estate sector is monitored and illegal activities are dealt with according to the laws.

The regulatory body will provide a better grip on the market and offer a safe investment environment. Hopefully, things will get much better in the future, and the real estate industry in Pakistan will grow and reach new horizons of success.

With this hopeful note, we end our blog! Feel Free to share your queries and comments on info@reall.pk. Stay tuned to Reall.Pk blog page for latest news and information
 

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