On 8th July, 2020, the KP Government amended its local government act to allow “private sector developers, real estate agents to conduct market surveys to gauge customer interest in their real estate development and or housing schemes as well as allowing them to charge and collect a fee from the “consumers surveyed” as registration fee before submitting details of their proposed project & development and to be granted an NOC.
This sounds very worrisome and sounds more like the hundreds of millions or billions which guys like Malik Riaz charge poor hapless customers when the customers “buy applications” in his Bahria projects and then trading starts in “plot files”, well before Malik Riaz or Bahria has even acquired the entire land etc and then they use that money, so collected to fund their projects!
Therefore PM Imran Kan or CM Mahmood needs to explain clauses 10 to 12 of this amendment to this act and why did they feel the need to allow private sector developers to start collecting money even before they have submitted any documentation about the project and have not been granted an NOC.
Granted that conducting market surveys are an essential and integral part of doing business to judge customer interest.
But for a regulator or a Government authority to allow the business to collect money before they have been given an NOC, have acquired land, fulfilled all legal formalities sounds like a huge scam and stinks really awful.
Perhaps Malik Riaz can also be asked to explain this novel way to “attract” investment in real estate, given his extensive experience in this methodology being allowed by the KP Government, and given that he’s also our biggest real estate developer.
Perhaps he knows something we don’t!
Smells really really bad here and certainly not what one expects from The Khan, unless I’ve misread the clauses.
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