The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) proposed on Friday the establishment of a Real Estate Regulatory Authority (RERA) in Pakistan, akin to those in other regional countries.
FPCCI President Atif Ikram Sheikh emphasized in a statement the necessity of a regulatory authority for optimal sector performance and its contribution to the national economy. He urged that initiatives in this regard should involve consultation with relevant stakeholders.
Highlighting the infrastructure cess levied by the Sindh government at 1.25 percent on imports, translating to Rs225 billion annually, Sheikh suggested that if this cess were allocated for infrastructure development and maintenance, Karachi’s real estate would greatly benefit, and its market would see improvement.
Senior Vice President of FPCCI, Saquib Fayyaz Magoon, emphasized the potential of the real estate sector to attract foreign exchange in the form of remittances. He urged the sector to prioritize attracting investment from overseas Pakistanis, which would stabilize the rupee-dollar parity and bolster foreign exchange reserves.
For policy advocacy in the national interest, Magoon stressed facilitating and encouraging any sector capable of contributing to inward remittances. He called on the government to enable and welcome overseas Pakistanis to reinvest in their homeland’s real estate, rather than investing elsewhere.
FPCCI’s Central Standing Committee on Real Estate Property and Builders Convener Syed Saquib Shah emphasized the digitization of the registration system to ensure transparency, fairness, and validity in property documentation. He also advocated for the implementation of an e-stamp system in Karachi similar to Punjab, and suggested taxing property owners instead of real estate agents who facilitate transactions.
