Real Estate Reform – Editorials
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The past few years have been a while since the last time we talked about construction or real estate and the other 40 or so related industries. A few months after the end of the amnesty programme and the price hikes the sector disappeared off the radar. It could have been good to earn a few dollars however, the amnesty brought in illegal money, in a manner that stunned even policy makers and set the cost for construction of houses. And even rentals that is out of reach for the lower and middle income classes. This is the reason why the state’s flagship scheme Naya Pakistan Housing, which has taken over the entire space in the form of boastful ministerial tweets and construction manna, has been unable to sustain itself. It seems to be getting more and more apparent over time it appears this real estate programs in the past few years have only made the wealthy more wealthy and the prices are going up.
However, it’s not too late to change the rules of the real estate industry. The government has not come up with an extensive policy, as it has not taken the time to create one. The concept of using this sector to spur economic activity and generate revenue is as old as the nation however, the implementation of this concept has left a lot to be wanted. Public-private partnerships (PPP) method has created many more issues than it has solved. Most of the time it is discovered that private companies sell units to multiple buyers and this leads to constant litigation, and a swift abandonment of faith and capital, as well as the honest and hardworking individuals who invest in these schemes. The most likely outcome is that you lose.
There’s also the mafia known as the qabza which has made what’s known as laundering land in certain circles into an art. They are specialized on illegally taking land and taking it away by legitimately claiming ownership, transferring it to investors to make real estate transactions or other transactions. It’s usually later, if it ever happens when the law comes to catch up to the characters, and again those who are victimized in their nets are the ones to pay for their nefarious actions. This mafia has been in existence for years and yet no government has been capable of doing anything about it. What can we forget is that a while ago, the Governor of Punjab was forced to resign in protest as the office he was in was unable to assist Pakistanis abroad against it?
The government needed to learn a lot of the latest Supreme Court order to demolish the building in Karachi and its aftermath. The building was just an inch and a half over its limit however it was in a huge area, and it was not something that could simply be cleaned up with the normal penalty. So, the entire structure needed to be demolished. The best way to overcome these issues could be to create land insurance and title insurance mandatory to safeguard buyers and lenders against financial losses and property claims. They require the payment of tiny premiums to insurance organizations at the moment of purchase. They then perform the required due diligence and risk management at the right time to save themselves from unnecessary headaches and hassles later on. This, as well as completely digitizing land registers are the most secure and reliable option. This is the reason that the first stage of the digital cadastral map of Pakistan is complete highly encouraging.
It is evident that the positive impact of real estate boosts it many industries and sectors. It is also evident that it can be a important indicator for business cycles that reverse. It’s also the case that providing affordable housing to those who are disadvantaged can boost public welfare as much as increase income and job. However, the government cannot be accused of a sloppy job, and while it might think it had the ideal idea in its mind however, what it has achieved isn’t much to boast about. As he is not able to have much time until the next election, and would certainly prefer to see the real estate market expand steadily and quickly it is imperative to consider a proper reform to this industry so that the gains are shared. across all the facets of society. In the end managing risk is more important than pursuing money and profit.
Copyright Business Recorder, 2021