NA approves establishment of RERA

ISLAMABAD: The National Assembly (NA) has passed the Real Estate Regulation and Development Bill to regulate the real estate sector.

invest with imarat

Islamabad’s emerging city centre

Learn More

The Real Estate (Regulation and Development Act) bill was moved by Senator Mohsin Aziz, under which a Real Estate Regulatory Authority (RERA) will be set up in the Federal Capital.

According to the bill, it’s mandatory for the real estate agents to register themselves with RERA, in order to sell their property.

The Special Assistant to Prime Minister Ali Nawaz Awan said that there was a dire need for an authority to regulate real estate business in the federal capital to protect the rights of people.

The purpose of this bill is to regulate the property sector, by promoting more transparent and efficient methods.

In case of violation, RERA will have the right to revoke licenses of promoters as it is being designed to empower the real estate agents.

In addition, the NA also passes the Rent Restriction Amendment Bill, under which every agreement between landlord and tenant shall be presented before the rent controller for record keeping.

in addition, all payments, related to tenant agreement are to be made with an official receipt/acknowledgement, or through cross cheques.

 

For news and blogs, visit Graana.com.

Maham Tahir

Recent Posts

Chaaye Khana Unveils First-Ever Rooftop Outlet at Amazon Mall with Panoramic Views

ISLAMABAD, Pakistan – April 23, 2025 – Chaaye Khana, Pakistan's popular cafe renowned for its…

1 day ago

PM Shehbaz Inaugurates Murree Road Underpass Project

ISLAMABAD: Prime Minister Shehbaz Sharif laid the foundation stone for the Murree Road underpass on…

1 day ago

Pakistan Emerges as Prime Investment Destination, Say Real Estate Developers at Dubai Property Show

DUBAI: Pakistani real estate developers and representatives showcased a range of commercial and residential investment…

3 days ago

CDA to Transform Park Road Nursery Under Rs652 Million Gardenia Hub Project

ISLAMABAD: Capital Development Authority (CDA) is currently undertaking a major Rs652 million project to upgrade…

6 days ago

Citywide Anti-Encroachment Drive to Begin in Karachi

Karachi – Mayor Barrister Murtaza Wahab has announced the launch of a citywide anti-encroachment operation…

7 days ago

CDA Chairman Orders Revival of 23 Water Fountains with Artistic Lighting

ISLAMABAD: CDA Chairman Muhammad Ali Randhawa has directed the immediate restoration of 23 non-functional water…

1 week ago