KARACHI: In a move aimed at boosting Pakistan’s real estate sector, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed the establishment of a Real Estate Regulatory Authority (RERA), akin to those in neighboring countries.
Atif Ikram Sheikh, President of FPCCI, says a regulatory authority can play a crucial role in optimizing real estate sector’s performance and boosting its economic contributions. He called for collaborative efforts with relevant stakeholders to implement proactive measures in this regard.
Highlighting the Sindh government’s 1.25 percent infrastructure cess on imports, which generates Rs225 billion annually, Mr Sheikh called for reallocating these funds towards infrastructural development and maintenance, saying it will boost Karachi’s real estate sector and market dynamics.
FPCCI Senior Vice President Saquib Fayyaz Magoon, stressed the potential of the real estate sector in attracting foreign exchange through remittances. He urged the sector to prioritize investments from overseas Pakistanis, citing the positive impact on stabilizing the rupee-dollar parity and strengthening foreign exchange reserves.
Magoon further stressed the need for the government to create a conducive environment for overseas Pakistanis to invest in their homeland, aligning with broader national interests.
Syed Saquib Shah, Convener of FPCCI’s Central Standing Committee on Real Estate Property and Builders, stressed the importance of digitizing the registration system to enhance transparency, fairness, and validity in property documentation.
He also called for the swift implementation of an e-stamp system in Karachi, similar to Punjab, and suggested that taxes be levied on property owners rather than real estate agents, who facilitate transactions.
The FPCCI’s proposal is a step towards addressing critical issues facing the real estate sector and fostering an environment conducive to sustainable growth and development. -PR
