How can the real estate industry benefit from RERA?
The act will require real estate agents to enroll with RERA to sale properties. Before any project work is initiated, RERA will also require prior permission because the developers will need to send information on their previous projects along with a complete plan for the development of the venture. No promoter can sell or buy a plot or post an advertisement without permission.
In the event of a breach of the conditions of the power as established to safeguard and encourage the freedoms of immovable officials, RERA will be also authorized to revoke proponents’ licenses. The Authority will serve as a public advisor on multiple growth initiatives to further promote growth in the real estate business.
In addition, the main consultative board will be formed to supervise consumer rights with officials from ministries of the interior and finance, national housing authorities, Naya Pakistan Housing Authority, and a ministry of law and justice additional secretary-level officer
Moreover, overseas Pakistanis are an asset in the development of the country’s economy. Their remittance flows have for long offered an almost consistent source of relief for the cash-strapped treasury.
As an added feature, RERA would help to resolve any trust problems and issues faced by Pakistanis from abroad. It would also allow the government to maintain a series of stable policies to counteract policy vagaries.