In today’s challenging economy, with inflation at unprecedented levels, the real-estate industry is bearing the brunt perhaps more than any other sector. Construction prices have soared, leading to halted projects and a plethora of unresolved issues. This rise has left many wondering as in such a bleak scenario, whom and where business owners should turn to? Taking a cue from global best practices, perhaps it is time we considered a solution employed by the UAE which has established the Real-Estate Regulatory Authority (RERA), an organization dedicated to resolving disputes, streamlining processes, and addressing concerns specific to the real estate industry.
Drawing inspiration from successful global models, the establishment of a dedicated regulatory body for real-estate might be the change our industry is yearning for. This body will not only address immediate concerns but also provide clearer guidelines for construction prices, ensuring transparency and fairness in an industry marred by ambiguity. It is time for the Pakistan government to take this required step.
Shazia Gulzar
Islamabad
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