Since the International Industrial Revolution, when the international economy obtained a new identity with the support of various sorts of businesses all over the globe, real estate has recently achieved the status of industry all over the world. Introduced new methods of investment, with the assistance of which the global economy’s wheel is now linked to real estate.
In the past, a few firms monopolized the real estate market, but the manner real estate sector has evolved in recent years is unparalleled. The real estate sector has been a regular business in recent times, and many initiatives have been done to promote the sector in the recent past, where the government has declared several incentives for the sector. Is still required.
In Pakistan, government agencies are responsible for identifying and promoting several industries such as engineering, medical, energy, petroleum, health, education, trade, and many more. They also serve as caregivers.
Pakistan Engineering Council, Pakistan Medical Commission, Oil and Gas Regulatory Authority, National Electric Power Regulatory Authority, and others are among these institutions. On the other hand, there is no government-level organization that is known as the identity of the real estate industry.
The real estate market is now thriving across the country, with hundreds of building and housing projects, as well as the sale and acquisition of plots increasing, but hundreds of investors are still flocking to the sector due to a lack of government patronage. They are compelled to examine if their investment is in safe hands before investing.
Emirates Group, one of the few privately famous real estate organizations, tries to provide investors with secure investment services on its own.
Prapshore, which is managed by the Emirates Group, is an institution that provides investors with safe investments in construction projects that have been certified by the relevant institutions and are equipped with all of the necessary facilities. In this regard, Prapshore has acquired the property through the use of geo-tagging, which is based on modern technology. Ensuring that correct information about the reallocation and ownership is provided.
There are around 43 separate sub-sectors in the construction sector that are tied to the real estate business and employ millions of people.
The government must give real estate benefits to clients. In common sense, there are several little issues that might take months to resolve. Take, for example, the approval of a building project map.
It is the fundamental building block of every endeavor. However, accepting a map to begin a building project is like sticking your hand in the jaws of a lion and counting its fangs. The approval of the map often takes 6 to 8 months, whereas this issue may be resolved in one month.
Similarly, the start of every building project requires around 14 NOCs from various organizations, which is a very tough procedure. In this regard, the government should set up a one-window operation to expedite the process of preparing and approving the essential paperwork for the project’s construction all at once.
This is because the approval of the phased plan and the issuance of NOC not only delay the project’s implementation but also increase investor skepticism.
Businesses in the real estate industry feel that before establishing any policy or regulation in this area, the government should consult with key agencies such as the Federal Board of Revenue and the FATF Secretariat. Take into consideration and trust the advice of commercial entities associated with them. According to the FBR’s recent adoption of new property assessment rates, real estate professionals were neither taken into confidence nor consulted. One of the primary drawbacks of this is that people’s real estate investments have suddenly taken a turn for the worst. On the other hand, the increase in government property charges has sparked widespread anxiety.
Overseas Pakistanis have always been interested in investing in real estate, but the extra money in the form of different taxes associated with investing in real estate deters them. The government must also pay attention so that foreign Pakistanis may simply and confidently engage in Pakistan’s real estate market.
In Pakistan, the demand for economic stability has never been higher. The government has worked hard to implement one-window operations in government agencies, particularly in the construction of dwellings, development authorities, district agencies, and government departments for the delivery of energy and gas, but she has been unsuccessful thus far.