How to avoid yourself from Real Estate fraud in Islamabad?

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Haris Tariq

Islamabad, The Capital of Pakistan, is seeing an enormous influx of population. The population is increasing with the rate of 4% every year as per Census of 2017. This rise has caused the housing problems as the central sectors of Islamabad do not ha

ve the capacity to accommodate such numbers. This has led to the rise of Real Estate projects in the capital.

CDA- Capital Development Authority, which is responsible for the development in Islamabad is trying its best to ensure the compliance of legal regulations by housing societies and developers. This is also to mention that Islamabad does not have enough landmass to develop a lot of horizontal housing societies. Therefore, CDA is encouraging developers to go for the vertical high rises, so that a large number of people can be accommodated in less space.

Unfortunately, the rise of Real Estate projects has also created a lot of problems for the customers and investors due to non compliance of legal clauses that is mandatory to follow by the developers, as per CDA by-laws.

According to CDA By-laws, it is mandatory for a Developer or a Builder to obtain an NOC (NO Objection Certificate) from CDA against the approved layout & building plans. Until or unless, NOC has not been granted, the Real Estate project cannot start its construction, advertise for general public or sell in the market. However, CDA is trying its best to aware general public to refrain them from investing in non-approved projects and frequently share notices on its website and also in the newspapers.

Apart from all these steps to ensure the safety of Real Estate investment by CDA, many Real Estate builders, developers and marketing agencies seem to have no effect at all. There are various examples of such projects that are selling into the market, doing construction & advertising on public platforms without any prior approval. It has also been observed that many marketing agencies in Islamabad are providing fancy investment options like rental incomes and other attractive & lucrative financial schemes to attract the innocent citizens. The only thing that can ensure the safety of investment, especially in vertical high rise projects is the NOC by CDA. The public should demand an NOC from the developer of any Real Estate project before proceeding further. Obtaining an NOC directly means that state is now taking the responsibility of your investment.

Meanwhile, the Islamabad Capital Administration (ICT) has recently established a ‘Property Verification Center’, where people can check the legal status of any property, they are desiring to invest. Similarly, DC Islamabad Hamza Shafqaat has also launched a campaign against those violators who are trying to market their projects for general public without any approval in the vicinity of Islamabad.

In conclusion, CDA and ICT Administration should catalyze all their resources to stop any such illegal activities regarding Real Estate projects in Islamabad and should set an example by demolishing all the non-approved structures in the vicinity of Islamabad. It is also to mention that the print and electronic media should also check the legal value of any Real Estate project before publishing it on their mediums for greater public interest.

The writer is real estate analyst based in Islamabad.

 

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