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