Islamabad: Federal Minister for Law. Justice and Human Rights. Senator Azam Nazeer Tarar on Monday chaired a high-level meeting on the Real Estate Regulatory Authority (RERA). which reviewed the existing legal framework and various options for introducing a new legal and regulatory regime for the real estate sector in federal capital.
Federal Minister for Finance and Revenue. Senator Muhammad Aurangzeb. Minister of State for Interior. Talal Chaudhry. Chairman Capital Development Authority (CDA) and Chief Commissioner Islamabad Lt. (Retd. ) Sohail Ashraf. Secretary Interior. Ahmed Raza Sarwar. Secretary Law and Justice. Raja Naeem Akbar and other senior officials attended the meeting.
The participants held detailed discussions on the need for an effective. transparent and people-oriented regulatory system for Islamabad’s real estate sector. including the existing RERA framework. its implementation. institutional responsibilities and regulatory arrangements.
The meeting decided to hold further consultations on RERA legislation and undertake a comprehensive review of available legal and regulatory options.
Senator Azam Nazeer Tarar constituted a sub-committee comprising representatives of the Ministry of Interior. Ministry of Law and Justice and the Capital Development Authority to examine legal options. regulatory arrangements and institutional mechanisms relating to RERA. The minister directed the sub-committee to submit its report within 20 days.
The meeting emphasized that the proposed regulatory system should protect citizens’ interests and property rights while ensuring transparency. accountability and effective regulation.
Senator Azam Nazeer Tarar said Islamabad’s regulatory and institutional framework needed to be further strengthened to develop the capital as a model city of Pakistan. He said protection of citizens’ property rights. effective regulation and safeguarding public interest should remain the key objectives of the reform process.
The minister said an effective legal framework was essential for promoting low-cost housing. facilitating access to housing finance and helping citizens secure property ownership. He added that a transparent and people-oriented regulatory system would help restore public confidence in the real estate sector.
The meeting also discussed digitization of land records as an important component of the RERA review. Various aspects of developing a modern regulatory framework in line with contemporary requirements were also examined.
Senator Muhammad Aurangzeb stressed the need to restore public confidence and improve transparency in the real estate sector. He said digitization of land records could help strengthen the confidence of banks and the public in the sector.
Minister of State for Interior. Talal Chaudhry appreciated reforms undertaken by the CDA and emphasized the need for further consultations on various options for the RERA framework. The meeting agreed that the federal government. CDA and private sector were key stakeholders in developing an effective real estate regulatory system and that consultations with all relevant stakeholders would be held while formulating the future legal and regulatory framework.
