The real estate sector has been a major source of strength in the global economy since the most recent economic downturn. Real estate is an important and growing sector of Pakistan. Despite, its issues such as hyperinflation, stagnant growth, the balance of payment crises, reckless fiscal policy and its worst ever energy crises, The real estate market’s outlook remains positive.
Recently, Mr. Zahid Bin Sadiq General Secretary DHA Estate Agents Association(Regd.) Lahore Cantt suggests to Finance minister for the formulation of regulatory authority in Pakistan.
In details, he said that Real estate business occupies an important position in economic progress, social prosperity and welfare of the beloved country. Millions of people with professional services and investors of billions of rupees are attached to the real estate business. The steps taken by the government last year to establish real estate business on modern lines are commendable. in this connection positive suggestions have been given by DHA Estate Agents Association, copies of those have been attached.
It is encouraging to establish a regulatory authority for improvement, advancement, and prosperity of real estate business and to declare it an industry. It will have positive effects on the economy of the country and real estate business. It will restore the confidence of people living inland and abroad. By providing concessions, temptations, facilities to the capitalists of real estate and by legislating properly, real estate business will increase and will have positive effects on the economy of the country.
With reference to the sale and purchase of property, many other industries are also attached to this business and development sector having an investment of billions of rupees. Real estate business has occupied important coition all over the world.
The government itself considers that some such steps are necessary to be taken to activate investment by local and foreign institutions, which may protect the investment of billions of dollars and restore the confidence of the investors.
Stock exchange carries out the business of billions of rupees. Security and exchange commission of Pakistan invigilates it. Real Estate Business has a great volume of investment as compared to the Stock Exchange. It is commendable to consult with other companies and DHA Estate Agents Association (Regd) to formulate comities and to take positive and to take positive steps seriously. If the government takes steps, then all the housing authorities, private housing societies, departments their workers and members will come under the jurisdiction of regulatory authority. Like all the developed and Arab countries, they will be able to get membership by depositing security fee. They will be able to initiate their business activities with confidence. They will have to abide by the laws of the regulatory authority. Investors will have confidence.
It is suggested that regulatory authority may devise such a method in connection with the collection of taxes from the real estate sector that might increase the income of Govt. If transfer expenses are reduced, it will increase the rate of sale and purchase of the property. Investors will be tempted to it. It is also suggested that the Govt. may arrange workshops, seminars, and exhibitions to build an image of real estate. In this way, national and multinational institutions can be tempted to invest in real estate and facilities will be ensured so that business could be carried out transparently which will increase the importance and prestige of workers of real estate. In this way, national and multinational organizations can be tempted to invest in real estate and facilities will be ensured so that business could be carried out transparently which will increase the importance and prestige of workers of real estate. For this purpose people attached to real estate may be given professional awareness. Some of the steps to be taken are as under:-
- To educate people to know the importance of the real estate business.
- History of housing and the importance of houses in human life.
- Relation of geographical facts with emerging of big cities.
- Importance of architectural knowledge in real estate.
- Basics of business math.
- Law related to Real Estate Business.
- Basics of marketing
- Basics of management
- Basic Banking
- Fundamental of town planning.
- Basic of economics
- Basics of E. Commerce
- Basics of Geometry
- Basics of Computer
- Importance of facts correction
- Basics of statistics
- Importance of data collection.
- Importance of advisory in Real Estate Business
- Importance of income tax knowledge in the Real Estate Business (4 to 6 months certificate course may be offered to the employees related to the real estate business so that they may be able to deal business as a professional and they also are helpful for the government in business promotion)
- Simple and easy laws may be made to give or acquire property on a rental basis to avoid illegal occupants.
- The biometric system may be implemented on all the societies, cooperative societies, commercial and agricultural properties during the transfer process of properties. Moreover, data may also be computerized. Societies may be established for the allotment of plots to the overseas Pakistanis on easy installments. Regulation may be drafted so that their investments may be secured. Laws may be made to avoid illegal occupants.
- Laws/procedure for the allotment of plots may be made on the availability of land in all the private societies/cooperative societies. The Regulatory Authority may keep a strict eye on sale/purchase of plots.
He requested to Finance minister that due to economic/business problems and keeping in view the above, it is requested that concrete efforts may be made for the promotion, strengthening and betterment of real estate business. Your decision in this regard may change the economic disturb the life of millions of people into prosperity. Your order will also bring a healthy and pleasant change in their business.