Real estate regulation & development ordinance approved

The federal cabinet has approved in principle the Real Estate Regulation and Development Ordinance 2019 subject to clearance by the Cabinet Committee for Disposal of Legislative Cases (CCLC) to effectively manage the affairs of housing sector.

Sources said that the ordinance for regulation and development of real estate sector was presented to the federal cabinet by the Housing and Works Division for consideration and approval. The meeting approved in principle the ordinance subject to clearance of CCLC and further directed to rectify typographic mistakes in the draft ordinance.

Ministry of Housing and Works submitted that in order to effectively manage the affairs of housing sector and to streamline the procedure, processes and system for the growth of real estate in the country, the government intends to establish Real Estate Regulatory Authority under the Real Estate Regulation and Development Ordinance 2019.

This legislation is also expected to establish and adjudicate mechanism for speedy dispute redressal and also to establish the appellate tribunal to hear appeals against decisions, directions or orders of the Authority and the adjudicating officers whereby the same ultimately act as a catalyst for satisfying the housing needs of the people of the country.

The task force on housing comprising both public and private stakeholders after extensive consultation has developed legislation namely the Real Estate Regulation and Development Ordinance 2019 and it has also been vetted by the Law Division, the cabinet meeting was informed.

The cabinet was requested that Ministry of Housing has, therefore, proposed that considering the emergent need of the legislation and fact that both the houses of the Parliament are not in session, the legislation on RERA may be introduced through an ordinance.