Lahore: Lahore Development Authority (LDA) has decided to come up with a comprehensive plan to save the citizens from property-related scams by registering property dealers and real estate agents. In the third meeting of the governing body of the LDA for the year 2022 with the Vice-Chairman LDA in the chair, it was decided to regularize the real estate business and register all the real estate agents. The governing body approved a full-fledged mechanism and established SOPs for the registration of property dealers and real estate agents with the Lahore Development Authority. The approved mechanism is expected to prevent innocent citizens from possible fraud on the part of real estate agents.
The meeting also discussed in detail the LDA Mater Plan 2050 and it was decided that the plan would be sent to the scrutiny committee and it would soon be submitted to the Governing Body for approval. The meeting of governing body also decided to approve the Plot Auction Committee and decided to include a member of the governing body in the Auction Committee. The meeting was also attended by Vice-Chairman Wasa, the MPA Sadia Sohail, and other concerned officials of LDA, WASA, and the Chief Metropolitan Planner Syed Nadeem Akhter Zaidi.
It is pertinent to mention here that real estate dealing was regulated by the government of Punjab in 1980 which stipulates that a person involved in property business must register themselves with the registration Authority of the Government. The district authorities of Excise and Taxation are responsible for the registration of the property dealers and real estate agents. On the federal level, the government has already decided to set up a full-fledged Body named, “Real Estate Regulatory Authority “ for proper documentation of the real estate market. Pakistan’s real estate market has so far been largely operating as an informal economy and the incumbent government has taken several steps to make the real estate business industry with proper documentation of all the stakeholders.