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Islamabad Real Estate (Regulation and Development) Act 2020.

Country/Territory
Pakistan
Territorial subdivision
Islamabad Capital Territory
Document type
Legislation
Date
2021
Source
FAO, FAOLEX
Long title
An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and for matters connected herewith.
Subject
Land & soil
Keyword
Legal proceedings/administrative proceedings Cadastre/land registration Dispute settlement Financing Land tenure Offences/penalties Ownership
Geographical area
Asia, Asia and the Pacific, Indian Ocean, South Asian Seas, Southern Asia
Abstract

The Act provides rules for registration of the real estate project before the Real East Regulatory Authority with the purpose of protecting the interest of buyers in the real estate sector; to regulate mega projects in the real estate sector by any developer and providing a mechanism for speedy dispute settlement. The Act requires as well registration of the real estate agents that shall facilitate the sale or purchase of or act on behalf of any person. The Act further lays out for functions and duties of developer, and rights and duties of allottees. Chapter V of the text provides for the real estate regulatory authority establishment, composition, and functions that include measures to encourage construction of environmentally sustainable and affordable housing; measures to facilitate digitalization of land records; creation of a single window system for ensuring time bound project approvals; and measures to encourage investment in the real estate sector. The Act further provides for offences, the real estate appellate tribunal, finance and reports. The text consists of 88 Articles divided into 9 Chapters.

Full text
English