Role of Government in Developing the Real Estate Sector of a Country

Since the international industrial revolution of the past, the global economy got a new identity with the beginning of various types of industries around the world. In the wake of it, now real estate has gained the status of industry all over the world. By introducing new ways of investing, the wheel of the economy around the world is now connected with real estate. In this blog, I have discussed what role the government can play in developing the real estate sector of a country.

A few entities in the past have monopolized the real estate sector, but the way the real estate sector has grown over the last few years is unprecedented. The real estate sector has become a regular industry in recent times, and the government has now announced many incentives for this sector. Many steps are still needed to promote the real estate industry.

There are government agencies in Pakistan to identify and promote various sectors such as engineering, medical, energy, petroleum, health, education, trade, and many more. They also play the role of caretaker. On the other hand, there is no institution at the government level in the real estate sector, which is known as the identity of the said sector.

Emirates Group striving to ensure secure investment via the state-of-the-art geo-tagging

The real estate sector, at present, is booming across the country, with hundreds of construction and housing projects and the sale and purchase of plots booming. However, hundreds of investors are still flocking to the sector due to a lack of government patronage. Before investing, they are forced to consider whether their investment is in safe hands.

One of the few revolutionary companies in the real estate sector, Emirates Group strives to provide investors with safe investment services on its own. Under the management of Emirates Group, Prapshore is an institution that offers investors safe investments in construction projects certified by the relevant institutions and equipped with all the facilities.

In this regard, Prapshore has acquired the property with the help of geo-tagging based on modern technology. It ensures the provision of accurate information regarding the actual location and ownership. The construction sector related to the real estate sector has about 43 different sub-sectors which employ millions of people.

Launch of One Window Operation resolving the concerned administrative problems

The government needs to provide services to consumers in real estate. There are many minor problems in common sense that take months to solve. Take the approval of any construction project plan before you initiate working.

It is a fundamental precondition of any project. But approving a map to start a construction project is like putting a hand in a lion's mouth and counting its teeth. Approval of the map usually takes 6 to 8 months, while this issue can be dealt with in one month.

Similarly, about 14 NOCs from different agencies are required to commence any construction project, which is a complicated step. In this regard, the government should organize a one-window operation to facilitate the process of preparation and approval of all the necessary documents required for the construction of the project at once.

The approval of the phased map and NOC provision delays the project's construction and increases the lack of confidence among the investors.

Taking real estate stakeholders into confidence essential in policymaking

Businesses affiliated with the real estate sector believe that the government should take the relevant public bodies such as the Federal Board of Revenue (FBR) and the FATF Secretariat on board before enacting any policy or law regarding this enticing sector.

As per the recent implementation of new property valuation rates by the FBR, real estate persons have neither been taken into confidence nor consulted. One of the major disadvantages of this is that people's investment in real estate has suddenly taken a turn for the worse. On the other hand, the rise in government property rates has caused a wave of concern.

Launch of Easy Investment Procedure to facilitate overseas Pakistanis

Overseas Pakistanis have always been interested in investing in real estate, but for overseas Pakistanis, the extra money in the form of various taxes related to investing in real estate discourages them. The government also needs to pay attention so that overseas Pakistanis can easily invest in Pakistan's real estate industry with complete confidence.

The government has tried hard to introduce one-window operations in government agencies, especially in constructing houses, development authorities, district agencies, and government departments, but unfortunately, no progress can be seen so far.

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