Real estate: MCCI chief stresses on sector’s regulation

MULTAN: The business community of southern Punjab has urged the government to regulate the real estate sector to bring property investment into the formal economy, which has an estimated size of around Rs7 trillion. Multan Chamber of Commerce and Industry (MCCI) President Khawaja Jalaluddin Roomi said that there was a dire need of regulating this sector which was flourishing.

He said that the government should abolish the condition of giving NOCs announcing any real estate project. Roomi said that on the proposal of the Securities and Exchange Commission Pakistan, 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 the property sector into the 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 of the authorities concerned, he said.

Published in The Express Tribune, May 9^th, 2017.

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