The Dire Need for RERA Like Real Estate Regulatory Authority in Pakistan

By Mian Mohammad Omer

When it comes to investing in Dubai real estate market, one name that everyone comes across is Real Estate Regulatory Authority (RERA).

Established in July 2007, after the approval by His Highness Sheikh Mohammed Bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, RERA has addressed the regulatory needs of the Dubai real estate market.

Previously, Dubai Land Department was overseeing all types of real estate buying, selling, and leasing matters. However, the rapid development of the market required a more comprehensive and legislative system to protect the interest and rights of the stakeholders.

RERA monitors the Dubai real estate market and the activities being performed in it. It has successfully created a transparent and effective regulatory system capable to predict the rights of landlords, sellers, buyers, tenants, and property management companies working in Dubai.

Moreover, it also regulates and authorizes property developers, property management companies, landlords, and real estate agents. Regardless of if anyone is looking to rent or sell their properties, they must register with RERA to become legally certified to sell or rent their properties.

Similarly, real estate investors and buyers also need to be sure that the property developers they are dealing with are RERA certified and have a valid RERA Identity Card.

What’s best is that the role of RERA is not just restricted to dealings but financial transactions as well. The payments should be made to property development or property management firm via escrow accounts in one of the RERA-approved banks or financial institutions.

All of this system has created a strong legislative system to control the Dubai real estate market and paved the way towards the major aim of making safer property deals.

In Pakistan, unfortunately, no such authority is available to protect the rights of those working in the property market. However, the current policies of the government are going in a positive direction.

Still, there is a high need for such a platform to address the loopholes in the market and create a safer environment to buy and sell properties in Pakistan. This will give a major boost to the stakeholders and ultimately make real estate more rewarding for the country’s economy.

Facilitating Overseas Pakistanis to Invest in Pakistan

A lot of Pakistanis working or living abroad want to stay connected to their roots and invest in the country. One of the problems that they face most of the time is not having adequate knowledge of the property market in Pakistan.

Where to invest is also a major problem that often at times leads to getting the money stuck in inferior properties.

In an environment like that of Pakistan, ilaan.com is trying to improve the interest of expatriates and overseas working in Dubai by introducing services like property management and wealth management consultancy.

These services are solely focused on improving the property buying/investing decisions of overseas Pakistanis.

The wealth management consultancy will assist them in choosing the most beneficial and rewarding properties with a transparent transfer process.

In parallel, through the property management services, ilaan.com will empower the investors to enjoy the benefits of a property owner and leave the hassles of a landlord to their dedicated property managers provided by ilaan.com.

The dedicated property managers will make all the arrangements for property rentals, rent collections, and tenant retention along with managing the documentations.

Today, there are a lot of exciting projects underway in the country and a detailed exposition of them is the need of the hour to facilitate the overseas community in it.

The real estate industry in Pakistan is a thriving, bustling place, and without involving the overseas community, we might be missing out on something exceptional for the economy, country, and the government.

Taking Up the Challenge to the Higher Authorities

When I laid the foundation of one of Pakistan’s finest real estate portals ilaan.com as the CEO and Co-Founder, the vision was to facilitate the investors, realtors, customers, developers, and authorities alike.

Today, we stand with huge network agencies and real estate associations across Pakistan who have shown great confidence in our vision and we cannot be more thankful to them. However, ilaan.com is not an organization that rests on its laurels.

The progress-oriented vision and mission always push us to explore new avenues and work tirelessly on new ventures for the betterment of the sector as a whole.

From provincial to federal authorities, we have held meetings with the higher authorities and government officials to devise a framework through which a similar model like RERA could be introduced and implemented in the country.

We are aiming to convince the government for the implementation of a regulatory authority similar to RERA in Pakistan. Although the goal is huge, the path is clear, and the will to serve the community is the driving force!

Mian Mohammad Omer is the CEO and Co-Founder of ilaan.com. He is an entrepreneur and investor working with multiple SMEs around the world with a vision to build strong teams to ensure every milestone is achieved with a clear perspective. Omer is a distinguished name in the business world at the regional and national level and as a Corporate Leader.



close
>