CAP urges action on unauthorised real estate ads; calls for effective legislation
KARACHI:
Consumers Association of Pakistan (CAP) Chairman Kaukab Iqbal has expressed serious concern over the rapidly increasing number of residential and commercial real estate projects being advertised in Karachi and across the country, and called upon the government to introduce immediate and effective legislation to protect citizens’ lifelong savings and take strict action against unapproved projects.
Iqbal said that a large number of real estate advertisements were currently being published and aired, promoting new projects and attracting consumers through offers of cars, prizes, discounts and other incentives. However, an ordinary citizen often has no easy way of determining which builder is legally operating, which project has been approved by the relevant authority, and whether the developer actually possesses the required land and legal permissions.
He said that construction, housing and real estate activities were essential for economic growth, but economic activity could not be allowed to take place at the expense of consumers’ hard-earned savings. There have been instances where citizens paid substantial amounts for properties, only for projects to remain incomplete, possession to be delayed or their investments to become stuck for years.
The CAP chairman said the government must first establish an effective regulatory framework for all builders and developers, and no person or company should be permitted to launch, advertise, book or collect money from the public for a residential or commercial project without obtaining complete approval from the relevant authority.
He demanded that every real estate advertisement must prominently display the approval number, NOC number and date of approval issued by the competent authority. Where a project falls under the jurisdiction of the Sindh Building Control Authority, a development authority or any other competent institution, these details must be clearly mentioned in the advertisement so that consumers can verify the legal status of a project before investing their money.