Senate passes Islamabad real estate Bill
ISLAMABAD: The Senate Monday unanimously passed the bill titled ‘The Real Estate (Regulation and Development) Bill, 2018’, moved by Senator Moshin Aziz.
The bill aims to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector.
It will also protect the interests of consumers and ensure smooth sale of plots and real estate projects in an efficient and transparent manner.
In addition, it will give the consumers a speedy dispute redressal of their complaints through establishing an adjudication mechanism through the authority and provide an Appellate Tribunal for hearing appeals against the orders of directions of Real Estate Regulatory Authority.
Govt taking steps for
resolution of problems of real estate sector: Firdous
Special Assistant to the Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan on
Monday said the PTI government was aware of the importance of real estate sector in development of the country and it was taking multiple initiatives to resolve its problems.
She said that over 50 thousand persons were attached with the real estate sector and protection of their jobs was priority of the government.
Addressing the oath-taking ceremony of Federation of Realtor of Pakistan here, she said that the government, under ‘ease of doing business initiative’, has introduced one-window operation system and digitalization of the system was being carried out to ensure transparency in dealings and transactions.
She said that Construction Industry Development Board was being constituted which would prove to be a milestone in resolution of the problems of this sector. She said that special tribunal for real estate sector would also be constituted for timely decisions in case of litigation.
She thanked Federal Board of Revenue (FBR) for reducing Capital gain Tax on the property from 2 per cent to one per cent. – APP