Govt to Launch New Real Estate Watchdog to Make Housing More Affordable

The federal government is trying to launch a Real Estate Regulatory Authority (RERA) to regulate Pakistan’s largely unregulated property sector.

A meeting on the Federal Ministry of Housing and Works reviewed ongoing initiatives and strategic roadmaps for the housing sector. Officials briefed the prime minister on plans to construct homes for low-income groups through public-private partnerships, with RERA to make property more accessible.

The prime minister emphasized that affordable housing, public facility improvements, and private sector participation are key government priorities. He directed measures to make housing finance more accessible to ordinary citizens.

The meeting also discussed reforms in the construction sector’s tax structure. Consultations between the Federal Board of Revenue (FBR) and provincial authorities on tax standardization are ongoing, alongside discussions on draft regulations for housing mortgages.

Additionally, the Ministry of Finance, FBR, Securities and Exchange Commission, and provincial housing ministries are collaborating to facilitate real estate investment trusts (REITs) to support housing finance and investment in the property sector.