Real estate sector uses a variety of allied industries, such as cement, steel, paint, construction supplies, and architecture.
Various plans for the real estate sector were developed throughout Pakistan’s history, but they were unable to be realized owing to political instability. The current administration has created the New Pakistan Housing Scheme, through which every impoverished individual may discover the home of their dreams.
However, we must examine the sector’s long-standing challenges honestly. In this blog, we will take a deeper look at these issues.
Lack of planning and its importance
The master plan for a city is created by keeping in mind about city’s development requirements for the next twenty years. Therefore, this master plan was created with both past and future data in mind to estimate future infrastructure and public facilities requirements.
There are several small and large cities in Pakistan where no master plan has ever been developed, or the existing documentary policy has not been adequately followed. As people began to migrate from smaller towns to larger cities, a master plan was needed to understand the population ratio and the needs of smaller communities.
A good master plan considers the socioeconomic demands of the city’s residents based on the census, including residential, commercial, and park areas and a network of roadways linking the inner city.
The digital world, real estate and we
Pakistan continues to fall behind many other countries in the battle for development. We went through regions under the Patwari system when the world conquered space. Globally, advanced technologies entered the real estate business, and land records began to go digital. Data is transferred from the files to the computer.
Today, there are official websites for property information in each of Pakistan’s four provinces. Using these websites, one may obtain information ranging from land ownership to verified documentation for various assets. Moreover, the digitization of information provides the average man with access to information free of corruption.
With only a few clicks, all of the information is now available on the Land Records website. With the aid of this data, customers may obtain complete and accurate information and make sound decisions on the purchase and sale of real estate and investments.
Lack of law enforcement
An aerial view of the city grounds suggests that the saying “whose stick is his buffalo” is not the master plan. There are property laws, but the field of their execution has always remained deserted.
With the support of their NOCs, large real estate projects take up more land than approved land and construct on it. As time passes, this Gorkha enterprise of illicit business continues. Relevant management frequently remains silent, harming the real estate sector’s reputation. This is known as “illegal encroachment”.
These housing organizations operate in a very unusual manner. It has been made public that a NOC application has been submitted and that the NOC will be available soon.
People are led to assume that because the land would become more costly after receiving NOC, now is the most fantastic time to invest. As a result, the customer is enticed to purchase more than one file of inexpensive land.
Unlicensed merchants frequently carry out this whole Gorkha smuggling operation. Therefore, the buyer’s capital is in jeopardy, and no future is in sight. We also see ads for such societies all over the place, but the administration remains unmoved. These illicit scams are also advertised on TV and social media. Such advertising has now been outlawed, according to reports.
Real estate irregularities
There is no official license for operating a real estate sector in Pakistan. Therefore, small real estate agencies may be found on every street in every city.
Illegal housing groups frequently use such unlicensed vendors. These uncertified retailers and housing associations have reached an agreement on a profit margin. As a result, these uncertified sellers make every effort to sell as many plots as possible to investors and the general public.
In Pakistan, you do not need any specific education or a degree to operate a real estate agency.
The increasing criminal operations of the Occupy Mafia in Pakistan has made people’s lives miserable. With this in mind, the present administration has specifically added the category of land grabbing in the Pakistan Citizen Portal, a public complaint app.
The district administrations of all cities have been asked to settle the concerns with utmost care and devotion. In this respect, it has been instructed to handle the land grabbing problems of Pakistanis living abroad on a priority basis.
These are the challenges preventing Pakistan’s real estate business from thriving as it should.