Govt considering mandatory SECP registration for housing firms

The government is considering making registration with the Securities and Exchange Commission of Pakistan (SECP) mandatory for companies operating in the housing and development sector as part of reforms to improve transparency and regulation in Pakistan’s real estate market.

The development came during a high-level meeting on reforms in the housing sector, chaired by Prime Minister Shehbaz Sharif on Thursday, read an official statement.

Proposals regarding reforms in the housing sector were presented in the meeting. It was informed that a regulatory framework will be formed, providing facilities to credible investors and developers to bring transparency in the housing sector.

The meeting was briefed that registration with the SECP should be made mandatory for those working in the housing and development sector.

It was further informed that a strategy will also be formulated to curb the unplanned expansion of cities. High-rise buildings and vertical expansion will be encouraged in major cities.

The participants also proposed master town planning for major cities.

Moreover, a one-window system should be established regarding the protection of the rights of developers, buyers, and other stakeholders.

Speaking at the review meeting, the prime minister said that reforms in the housing sector are an important need of the time in view of the growing population.

“Providing housing for the low-income class, affordable housing schemes, and improvement of public facilities are among our priorities,” the PM was quoted as saying.

The prime minister was of the view that due to the growing population and unplanned urban sprawl, pressure on agricultural land is increasing, for which an appropriate strategy is needed.

The prime minister further said that all matters in the housing sector must be digitised and automated to promote transparency. “To attract overseas investors to the housing sector, it is necessary to bring this sector under regulation,” he said.

PM directed consultation with the provinces regarding the proposals presented.

The meeting was attended by Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Housing and Works Mian Riaz Hussain Pirzada, Federal Minister for Interior and Narcotics Control Mohsin Naqvi, Federal Minister for Law and Justice Azam Nazeer Tarar, Prime Minister’s Advisor on Inter-Provincial Coordination Rana Sanaullah, Minister of State for Interior Talal Chaudhry, Minister of State for Finance and Railway Bilal Azhar Kayani, Chairman NAB Lieutenant General (Retd) Nazir Ahmed Butt, Attorney General Mansoor Awan, and relevant senior government officials.