Federal Minister for Law, Justice and Human Rights Senator Azam Nazeer Tarar chaired a high-level meeting on the Real Estate Regulatory Authority (RERA) in Islamabad on Monday, which reviewed the existing law and various options for a new legal and regulatory framework.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, Minister of State for Interior Talal Chaudhry, Chairman Capital Development Authority (CDA) and Chief Commissioner Islamabad Lt. (Retd.) Sohail Ashraf, Secretary Interior Ahmed Raza Sarwar, Secretary Law and Justice Raja Naeem Akbar, Additional Secretary, Ministry of Law and Justice, Mr. Muhammad Khashih-ur-Rehman Khan, and other senior officials attended the meeting.
The meeting held a detailed discussion on the need for an effective, transparent and people-oriented regulatory system for the real estate sector in Islamabad. The participants reviewed various aspects of the existing RERA legal framework, its implementation, institutional responsibilities and regulatory arrangements.
The meeting decided to hold further consultations on legislation relating to the Real Estate Regulatory Authority and undertake a comprehensive review of various legal and regulatory options.
Federal Minister for Law and Justice Senator Azam Nazeer Tarar constituted a Sub-Committee to further examine matters relating to RERA. The Sub-Committee will comprise representatives of the Ministry of Interior, Ministry of Law and Justice and the Capital Development Authority.
The Federal Minister directed the Sub-Committee to examine various legal options relating to RERA, the regulatory framework and institutional arrangements and submit its report within 20 days.
The meeting emphasized the need to develop a regulatory system for Islamabad's real estate sector that protects citizens' interests and property rights while ensuring transparency, accountability and effective regulation.
Senator Azam Nazeer Tarar said that Islamabad's regulatory and institutional framework needed to be further strengthened to develop it as a model city of Pakistan. He emphasized that protection of citizens' property rights, an effective regulatory system and safeguarding public interest should remain the key objectives of the reform process.
The Federal Minister said that an effective legal framework was necessary for promoting low-cost housing and facilitating citizens in accessing housing finance and securing property ownership. He said that a transparent, effective and people-oriented regulatory system would help enhance public confidence in the real estate sector.
The meeting also discussed the digitization of land records as an important component of the review process relating to RERA, while various aspects of developing a modern regulatory framework in line with contemporary requirements were also examined.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb stressed the need to restore public confidence and enhance transparency in the real estate sector. He observed that measures including digitization of land records could help strengthen the confidence of banks and the public in the real estate sector.
Minister of State for Interior Talal Chaudhry appreciated the reforms undertaken by the CDA and emphasized the need for further consultations and examination of various options regarding the RERA framework.
The meeting agreed that the Federal Government, CDA and private sector were key stakeholders in the development of an effective real estate regulatory system and that necessary consultations with all relevant stakeholders would be ensured while formulating the future legal and regulatory framework.
The Federal Minister directed that all relevant aspects of the RERA issue be comprehensively examined and a system be developed that is transparent, effective, workable and capable of protecting the interests of citizens.
