Real Estate Regulatory Authority (RERA) has urged the finance minister Asad Umer to take all stakeholders on board before finalizing policy related to the real estate sector. In a letter sent to the finance minister, the RERA said government was working on establishing such an authority for the regulation and promotion of the real estate sector, which might help providing protection to consumers and investors besides attracting fresh investment.
It said there would always be a segment of investors (especially amongst overseas Pakistanis) who would not have the means, skills, and capacity to invest in other sectors i.e. manufacturing, services, trading, or even stock exchange.
Presently, thousands of local and overseas investors, who would normally invest their savings in real estate, appear skeptical following cases related to the harassment from the state institutions, ambiguities in government's plan regarding property valuations and lack of comprehensive policy from the government for this important sector.
Similar to the statements issued by the government regarding other important sectors like PSX, export-oriented manufacturing and others for encouraging investments in these sectors.
Therefore, RERA urged the finance minister to take input from stakeholders, if a policy was devised with the aim for drastic change in order to avoid chaos like situation in this sector.
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