KARACHI, January 13, 2019: Pakistan Real Estate Investment Forum (PREIF) has hoped that Real Estate Regulatory Authority (RERA) will help to provide protection to investment in the real estate sector.
Shaban Elahi President PREIF, in a letter sent to Asad Umar Minister Finance and Revenue has said that PRIEF is in favor of RERA and initial proposal was also sent by the forum to facilitate the local and foreign investors.
“It is heartening to note that now the federal government is working on establishing such an authority for the regulation and promotion of the real estate sector and the draft bill seems to contain numerous very useful steps”, he added. He hoped that RERA will help to create an environment that will provide protection to consumers and investors and attract fresh local and foreign investment.
Shaban said that there will always be a segment of investors (especially amongst overseas Pakistanis) who would not have the means, skills, and capacity to invest in other sectors and this segment of investors only trust on real estate sector with their hard-earned savings for decades.
“PRIEF members consist of thousands of local and overseas investors and the feedback we have been getting in the past one year or so is that a lot of people who would normally invest their savings in real estate are skeptical due to a general feeling of uncertainty”, he added.
Harassment from some people, ambiguities in government’s plan regarding property valuations and lack of a clear policy statement from the government for this important sector has badly damaged the investment in this sector.
AS PRIEF is the major representative forum of real estate stakeholders, therefore government is requested to take input from relevant stakeholders of this sector, while devise policies for the betterment of this sector.
If a policy is devised that results in a drastic change or which ignores the important nuances and practicalities of this sector, our fear is that it might back fire and may further distress the investor’s sentiment, he concluded.