The federal government has decided to establish a Real Estate Regulatory Authority (RERA) to manage all the affairs related to real estate with an appellate tribunal to settle the disputes of the concerned sector. A very positive step for the betterment of this sector.

All the real estate agents will have to register first with the authority for the sale of plots, houses or any kind of property. For this purpose, the government has devised an authority RERA, the Real Estate Regulation Development Authority. it is expected to be implemented later through a presidential ordinance.

According to The Express Tribune, the Real Estate Regulation and Development Bill 2019 has been finalized, which will serve as a tool for effective management and promotion of real estate sector and according to which, RERA will be formed. According to the bill, prior approval from RERA will be mandatory before starting work on any real estate project.

Without approval, no promoter will be able to sell or purchase any plot or publish an advertisement. The developer will have to submit details of his past projects and a present full plan for the future with the authority.

RERA will also have the authority to revoke the license of the promoter in case of any violation and it will also grant rights to the real estate agents and look after it.

For more Details
Click to Contact us: 0334 7011008