ISLAMABAD, July 26 (Online): The Pakistan Economy Watch (PEW) on Sunday lauded the decision of the Prime Minister Imran Khan to regulate the real estate sector by establishing real estate regulatory authority.
The business community unconditionally supports the move which will safeguard rights of all the stakeholders including buyers, attract local and foreign investment and generate much-needed economic activity, it said.
The rules and regulations governing real estate sector as so weak that these are often used against the masses by unprincipled real estate agents, builders and developers, said Dr. Murtaza Mughal, President PEW.
He said that masses need a break as most of the people who invest their lifetime savings for a home are looted by this mafia with the help of police and other institutions.
Dr. Murtaza Mughal who is also Convener FPCCI Central Standing Committee on Insurance said that there is no system for recovery of lost money and the legal battle take decades in which builders emerge victorious.
He said that this sector has become a safe heaven for money laundering, looters, plunderers, tax evaders and those who have accumulated billion of ill-gotten wealth.
At the occasion, Chairman Pakistan Economy Watch Brig. (retd) Aslam Khan said that regulating property sector was long overdue and the success of PM’s moves to boost construction and housing sector depends on the transparency in this sector
Regulating the real estate sector will lure reputable businessmen and attract local and foreign investment, he said.
He added that all the major cities will remain hunting ground for unscrupulous builders supported by by corrupt politicians and a bureaucracy that acts as the latter’s handmaiden unless proper regulations are not introduced.
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