According to a news report, the National Assembly approved the 2020 Islamabad Real Estate (Regulation and Development) Law and the 2020 Islamabad Rent Restriction Law to adjust the real estate sector. Furthermore, the House of Representatives has approved 13 other bills, including the 2020 Islamabad Capital Region Food Safety Law.
Islamabad Real Estate (Regulation and Development) Bill 2020’s objective is to make it aware that there is a need for a Real Estate Regulatory Authority (RERA) to manage the real estate sector, protect consumer interests, and increase transparency in real estate transactions eeffectively.
Moreover, it will provide interested parties with prompt redress for their claims related to property disputes through the authorities’ mechanism and will provide an appellate court for appeal. The Real Estate (Regulation and Development) Act 2020 will also safeguard even and effective sale of real estate projects and individual real estate units.
The 2020 Islamabad Rent Restriction Bill aims to safeguard that every agreement between tenant and landlord is brought to the attention of the superintendent for the purpose of record keeping. Also, it stipulates that any lease related payments that must be made through cross-checking or any form of formal affidavit.
The Rent Restriction Act recommends a 10% increase in rent for non-residential and residential premises annually. The Mediation Council, chaired by the President of the Islamabad Chamber of Commerce and Industry (ICCI) or his nominee, will be empowered to resolve any disputes.
