Sir: Normally in every country the real estate sector is controlled by a regulatory body not only to promote high standards of service and professionalism but to help protect buyers and sellers of property. The objective of a regulatory body is to protect the interests of the common man and provide safeguards against fraudulent deals and exaggerated profits promised by greedy developers. Such investments are always regarded as safe and lucrative. Unfortunately in our beloved country, the real estate sector is laced with black money, corruption, red-tapism and land mafias. It is high time the government appoints a powerful regulatory agency that should monitor development projects on a financial and technical level in order to protect the wider interests of the market and investors.
Mustafa
Karachi
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