Recently the Senate has passed a bill for setting up a new Real Estate Regulatory Authority (RERA). This organization is said to be replacing CDA and RDA so that this new authority can overcome the deficiencies and irregularities of these two. For very long-time struggles were being made in order to put forward some real estate authority that would put efficiency and effectiveness to the real estate sector in Islamabad.
Many builders and development associations are against this formation. One of which is the Association of Builders and Developers Pakistan (ABAD). Moreover, this step was majorly appreciated by the Islamabad-based Builders and Developers Association (BAD) that there should be a better association for all these processes.
One of the topmost real estate marketing agencies in Islamabad is Makeen Marketing Pvt Ltd. One of the company’s major marketing target is Blue World City Islamabad. This project has been facing problems due to the approval of NOC from RDA.
Due to many irregularities and lack of attention the project is still facing very difficulties all of this is because of not attaining the NOC from RDA. Such issues can be resolved by forming Real Estate Regulatory Authority for fast approval and efficient processing in the NOC approval process.
The need for RERA Islamabad
The sole purpose of RERA Islamabad is to manage all the real estate affairs under its domain and Authority. The authority is going to manage most affairs related to real estate in the twin cities. There has been a very crucial need for Real Estate Regulatory Authority because of all irregularities and corruption in the system.
The authority is required to manage the development and management of land, construction projects, water, and waste management, maintaining environmental standards, and to develop public safety standards. Moreover, the authority will be held responsible for maintaining all sorts of standards for the better living of the citizens and for the future growth of Pakistan.
Bill Passed by Senate for RERA Islamabad
The senate has recently approved the bill for the formation of RERA Islamabad. After many struggles this has finally be done to maintain standards and to boost up the real estate world. The authority will ensure smooth and efficient workflow. This step has also aid towards the promotion of real estate in Islamabad.
Most importantly, because of a Real Estate Regulatory Authority, the NOC approval process will be easier and quicker for new emerging societies like Blue World City Islamabad. Although many builders and developer associations have not appreciated its formation like Association of Builders and Developers Pakistan (ABAD) but on the other hand this formation was still appreciated by Islamabad based Builders and Developers Association (BAD).
RERA’s Vision for the future of real estate in Islamabad
RERA Islamabad shares the vision of development and the betterment of the real estate in Pakistan. An association such as a Real Estate Regulatory Authority will be overseeing all the builder’s and developer’s business activities and maintaining rules and regulations.
Further, it will be approving new project plans and designs, keeping strict rights, and make people the rules and processes and there would be registrations for all the real estate agents, and this is going to be mandatory. RERA Islamabad is going to settle all the disputes regarding society formations and NOC approvals. The Real Estate Regulatory Authority has the vision to contribute as much it can to the betterment of the country’s economy.