To stop investors/people from being cheated by property developers, the government should pass laws similar to what was enacted for the car manufacturing industry when they were not delivering vehicles on time. Now car dealerships have to deliver a vehicle within six months of booking an order or they are charged interest on the payment (investment) made by customers.
Similarly, for the real-estate business, there should be a law to ensure allotment of the advertised property within one month of receiving the payment. No property development scheme should be allowed to sell plots or memberships without purchasing land. The transactions made by property dealers should be monitored and they should not be allowed to charge high commissions or speculate on land price. Development companies should have an ‘out’ clause or rule for all its members by law. A regulatory authority should also be created to enforce rules, resolve complaints and ensure safety and quality of development work through a third party validation.
Engr Shahryar Khan Baseer
Peshawar