Easy property registration rules urged

LAHORE: The Lahore Chamber of Commerce and Industry has urged the government to make registration of property easy for the businessmen through modern technologies and one-window operation, a statement said on Monday.

LCCI President Almas Hyder said that the registration of property is a big headache for the businessmen, as it consumes long time and capital; therefore, it should be made business-friendly, it added.

“We have to make ease of doing business-related indicators better, if we want to secure impressive place in the international trading arena, he said, adding, at present, Pakistan ranked 161 in the global index as far as registration of property is concerned.

Businessmen would have to follow six procedures for the registration of property, which take 25.5 days and cost 4.2 percent of the property value,he said.

On the other hand, he said, New Zealand holds first position with just two procedures and a single day for property registration. Hyder recommended a complete electronic database should be established for encumbrances (checking of lines, mortgages, restrictions and the like) and made it available online.