The government is set to establish a Real Estate Regulatory Authority (RERA) to oversee Pakistan’s largely unregulated property sector, as Prime Minister Shehbaz Sharif on Wednesday directed authorities to accelerate reforms aimed at expanding access to affordable housing.
A meeting on the affairs of the Federal Ministry of Housing and Works, chaired by Prime Minister Muhammad Shehbaz Sharif, was held at the Prime Minister’s House in Islamabad, read a statement on Wednesday.
The meeting was informed that a roadmap is being prepared for the construction of houses for low-income earners, under public-private partnerships. RERA will be established to oversee the codes of conduct for the real estate and housing sectors.
Speaking to the meeting participants, the prime minister said that providing housing for low-income groups, affordable housing projects, including encouraging the private sector, and improving public facilities are among the government’s priorities.
PM Shehbaz directed that practical measures be taken to deliver housing finance facilities to the common man.
The meeting was also briefed on the strategic roadmap of the Ministry of Housing and Works. It was said that reforms are being made to the tax structure for the construction sector.
Consultations between the Federal Board of Revenue (FBR) and the provinces on tax standardisation for the construction sector are ongoing. Moreover, consultations on the draft reforms for house mortgages are underway, read the statement.
Regarding housing finance, the Ministry of Finance, the FBR, the Securities and Exchange Commission and the provincial housing ministries are working together on real estate investment trusts.
The meeting was attended by Federal Minister for Law and Justice Azam Nazir Tarar, Federal Minister for Economic Affairs Ahdad Khan Cheema, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Housing and Works Riaz Pirzada, Federal Minister for Information Technology and Telecommunications Shazia Fatima, the Prime Minister’s Adviser on Inter-Provincial Affairs Rana Sanaullah, Minister of State for Finance and Railways Bilal Azhar Kiani and others.