Home » News » Islamabad » NA passes ‘Islamabad Rent Restriction Amendment Bill and Islamabad Real Estate Regulation and Development Bill

NA passes ‘Islamabad Rent Restriction Amendment Bill and Islamabad Real Estate Regulation and Development Bill

National Assembly passes 3 bills for Islamabad :

1. Islamabad Rent Restriction Amendment Bill
2. Islamabad Food Safety Bill 2020
3. Islamabad Real Estate Regulation and Development Bill

According to objects and reasons of “The Islamabad Rent Restriction (Amendment) Bill, 2020, ‘every agreement between landlord and tenant shall be presented before the controller for record keeping…any payments related to the tenancy agreement shall be made through cross cheques or with an official receipt/acknowledgement’.

The rents of residential and non-residential buildings shall be annually increase by ten percent automatically unless the parties decide to the contrary in writing. For dispute resolution between the landlord and tenant there shall be a Mediation Council to be presided by the President Islamabad Chamber of Commerce or his nominee as its Convener. A representative of the tenant and the landlord will both constitute as members of the council.

The controller, before proceeding with a case shall refer it to the Mediation Council. In case of no settlement, the Controller shall proceed with the case. In case of a settlement, the order passed by the Controller in accordance with the decision of the Medication Council shall be considered final.

According to objects and reasons of “The Islamabad Real Estate (Regulation and Development) Bill, 2020, “there is a dire need to establish a Real Estate Regulatory Authority in order to regulate and promote the real estate sector. It will also protect the interests of consumers and ensure smooth sale of plots and real estate projects in an efficient and transparent manner. In addition, it will give the consumers a speedy dispute redressed of their complaints through establishment an adjudication mechanism through the Authority and provide an Appellate Tribunal for hearing appeals against the orders or directions of Real Estate Regulatory Authority.

 

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