The business community of Southern Punjab urged the government to regulate the real estate sector to bring a property investment into formal economy, which has an estimated size of around Rs 7 trillion. President of Multan Chamber of Commerce & Industry (MCCI), Khawaja Jalaluddin Roomi said that there was a dire need of regulating this sector which was flourishing rapidly. He said that the government should abolish the condition of giving NOCs for announcing any real estate project, as there should be proper approval only.

Roomi said that on the proposal of SECP, the government has agreed to regulate the real estate market of the country in the Companies Bill 2017. He further said that it is necessary to bring property sector into formal economy. A company engaged in real estate shall not announce any real estate project, unless it has obtained the approval of the SECP and all necessary approvals, permissions, NOCs etc of the authorities concerned, he added.

He informed that investment in real estate of Dubai has enhanced after they regulate the estate sector. The government has brought the property sector in the ambit of the Companies Bill 2017 that the National Assembly passed recently. The bill would bind companies and cooperatives to get clearance from the SECP before inviting or accepting finances from the general public. It would also bind companies and cooperatives to get clearance from the SECP before inviting or accepting finances from the general public.

Copyright Business Recorder, 2017