Punjab Government initiates to legalize all illegitimate housing societies.
Breaking the norm Supreme court of Pakistan proceeded well and instructed the Punjab Government to framework all illegal housing societies and encroachments in Punjab, in the ramification Punjab government has buckled up to propose and approve a one-time regularization to all such schemes.No country can prosper until benefiting laws are being made for the real estate industry as this industry plays a pivotal role in any economy and its vitality reaches furlong effects. Rotten Real estate system of regulatory framework has cursed Pakistan to a countrywide rambling slums that are making no beneficiation to population or national economy, lethargy of such system also a breed’s criminal acts & Qabza mafia, deceitful dealings, immoral practices by the public officials, undocumented/laxative economy, bleeding a doctrine racketeering and invasions on public land.
Substance for extended lawsuits, flourishing unplanned real estate development, pointless saddling of state machinery, distorted investor assurance, inequality of social fabric and of wastage of resources, addressing this issue was much needed as this was proving to be decay for real estate sector of Pakistan. Governance by decomposing mechanisms has encouraged greedy elements along with fueling a horrible and violent, land-Mafia. Law enforcement agencies furnished a report before the Supreme Court, stated a total of 5,492 unregistered /illicit/fake residential societies are in Pakistan 4,098 were in Punjab and 115 in the Capital Territory.
Measures of law being formulated suggested to the provincial government to focus on closing escapes in the land development and property registration, eradication of legal protection to unrecorded transactions, rearranging property process system and payment of stamp duties to ensure effective protection of property rights. Informal areas with difficult land rights and titles, the law suggests that a comprehensive approach to regularizing unlawful schemes/informal settlements must be framed. Subsequently, a successful regularization of unlawful housing schemes can become a source of substantial revenue for the government.
A baseline of land and housing assessment in districts are necessities to act as an inventory of the housing situation and the development of a housing resource Centre in each district is also necessary. Pilot project (Naya Pakistan housing scheme) proposed by Government is a massive step in this regard that could address such issues in big metropolises such as Lahore, Multan, Faisalabad, and Rawalpindi. Strengthening the property development framework, support the building industry, facilitate the growth of primary and secondary housing finance markets and introduce useful targeted housing finance programs can definitely bring a huge change & optimistic growth for Pakistan.
The recent past has significant proceeding by courts in combinations of as criminal investigations by different agencies has made a prolific impact in regards to laziness and collusive loose regulation of governmental functionaries resulting in usurpation of state and private land, violations on public facilities, undocumented real estate sector, pilferages in public revenue, clipping of land mafia, fuzzy urban planning, eco-friendly protection and securing of third party rights of genuine investors.
ZameenHomes endorse such steps as our company that was founded on the vision of changing the way of property practices are executed & betterment in real estate of Pakistan.