The real estate industry of Pakistan has come a long way over the past decade. The success of a rising real estate sector in the country has ensured that the economy remained stable through difficult times. But during the peak of its success, Pakistan’s real estate industry missed out on some basic reforms which could have streamlined the system of this industry in a big way. The most important step towards these reforms would have been regularisation of the Pakistani real estate industry. Such a move would not only have improved the record keeping aspect of this industry but would have solved many other problems that have plagued the real estate business in developing countries. Here we will discuss the advantages associated with regularisation of the real estate industry in Pakistan and how it will benefit the developers and general population in the country.
Pakistan lacks a transparent system of maintaining a proper land record database since the property sector has not been regularised yet. The existence of faulty land record system leads to emergence of conflicts among multiple owners of a single property due to discrepancies in land ownership documents. As a result, many families engaged in land disputes have to commit a lot of money and time when the courts get involved in the matter. Regularising the real estate industry of Pakistan will put an end to such conflicts once and for all.
Discouraging time consuming litigation
Property disputes are common occurrence in unregulated property markets in countries like Pakistan. A look through records available in Pakistani courts show how bad the situation is as millions of cases related to land disputes are awaiting decision for years. The backlog of thousands of cases puts the country’s judiciary system under unnecessary pressure and comes in the way of more important cases that require immediate attention of the honourable courts.
A conflict arising from land ownership can take years to reach an official decision. But this still does not ensure that the conflict will not arise after some time. A pending property case is not only a burden on the light pockets of the common man but also drains most people mentally as the process stretches for a long time. A regularised real estate market will streamline the process in a transparent manner due to which land related disputes will be discourage to a great extent.
Ending bribe culture
Since the record pertaining to real estate industry of Pakistan is not entirely available in an organised manner, there are many loopholes present in this industry which are exploited by people at will. By regularising the real estate industry of the country, most dishonest workers present among government organisations will be effectively filtered out. This way the culture of tampering with land record documents can be effectively controlled which will provide relief to the common man. An impartial and regularised system holding all land records will prove helpful for end users by assisting them in issues such as property inheritance and transfers without a person paying bribes to anyone to get the job done. This will also improve business in the real estate sector of the country which did well in the past 5 years. According to online property portal, Zameen.com, statistics, the real estate industry in Pakistan has grown 118 percent in the past few years, which is a positive sign for the future.
Nipping patwari culture in the bud
Throughout Pakistan, the land record documents are mostly maintained by a patwari who has a lot of influence on the process of keeping land records. Traditionally, a patwari’s role has been the collection of agricultural revenue, record inheritance, sale and transfer of land, and organising all land record in areas falling under their jurisdiction. Unfortunately, the patwari culture in Pakistan is corrupt to the core due to which this particular culture is seen as problematic by the authorities concerned as well as the land owners.
Keeping all these things in mind, it is only reasonable that the government and the authorities concerned undertake an effort to regularise the real estate industry of Pakistan. This will ensure transparency and fair play in land record management system which will in effect bring some semblance of relief to real estate developers and the common man alike.