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Role of Government in Real Estate Sector

The role of government in the real estate sector in Pakistan involves various regulatory, administrative, ethical grants and policy-making functions. Nexthome.pk brings some key aspects of their involvement in the growth of the real estate sector.

1. Regulatory Framework:

Government-authorised bodies establish and enforce regulations and laws related to real estate transactions, land use, property rights, and development. The primary authority responsible for regulating the real estate sector in Pakistan is the Pakistan Real Estate Regulatory Authority (PRA).

2. Licensing and Registration:

Government of Pakistan oversees the licensing and registration of real estate agents, brokers, developers, and other professionals involved in the sector. They set requirements for obtaining licenses and regulate the conduct of these professionals to protect the interests of buyers and sellers.

3. Urban Planning and Development:

Government bodies play a crucial role in urban planning and development. They create master plans, zoning regulations, and development frameworks to ensure orderly and sustainable growth of cities and towns. The concerned departments at the local, provincial, and federal levels are responsible for implementing these plans.

4. Land Administration:

Government authorities are responsible for the administration and management of land. This includes maintaining land records, managing land acquisition processes, and resolving land-related disputes. The revenue department and the Board of Revenue at the provincial level are usually involved in land administration.

5. Housing Policies and Initiatives:

Government institutes formulate housing policies and initiatives to address the housing needs of the population. This may involve providing subsidies, incentives, and loans for low-income housing, promoting affordable housing projects, and implementing schemes for slum redevelopment.

6. Consumer Protection:

Government of Pakistan alongside the private sector aims to protect the interests of consumers in real estate transactions. They establish mechanisms for dispute resolution, regulate the disclosure of information, and oversee the implementation of fair practices in the sector. The PRA in Pakistan has a mandate to safeguard the rights of buyers and sellers and resolve complaints.

7. Taxation and Financial Regulations:

Government departments such as FBR, In-land Revenue regulates taxation policies related to real estate transactions, property ownership, and rental income. They also oversee financial institutions that provide mortgage loans and regulate lending practices to maintain stability in the real estate market.

Final Words:

It is important to note that the specific government bodies and their roles may vary at different levels of governance in Pakistan, such as federal, provincial, and local authorities. Additionally, reforms and changes in the regulatory framework may occur over time, so it is advisable to refer to the most recent information from relevant government sources for the latest updates. To learn more about the latest government policies and good news about the real estate and property development keep visiting our online property portal or dial 0304-111-0309 for more information.

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