Islamabad Real Estate (Regulation & Development) Bill 2018 bill is now passed from the Upper House.
The bill was moved by Senator Mohsin Aziz.
According to the bill, no real estate project will be presented in the market for sale without prior registration with the envisioned regulatory authority. Registration of any individual working in the real estate sector with the authority will also be mandatory.
The Islamabad Real Estate (Regulation and Development) Bill 2018 seeks to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector in the jurisdiction of the Islamabad Capital Territory (ICT).
The authority will look after the rights of the allottees and real estate agents.
Initially named as “Real Estate (Regulation and Development) Bill 2017″, the bill was originally meant to be applied across Pakistan. Later, however, following certain amendments, the bill’s jurisdiction was reduced to the ICT only.