Real estate is one of the most flourishing sectors of Pakistan. However, a few factors hinder its growth, such as malpractices and land irregularities. The government of Pakistan is working towards many anti-corruption schemes to make the real estate sector achieve its full potential. The Lahore Development Authority (LDA) is maintaining the order to stop fraudulent activities, and by collaborating with the anti-corruption agency, various aspects are being looked closely, such as the acquisition of land to sale, allotment of developed plots and plot exchange policies.
Previously, in one of the biggest housing societies of Punjab, the plots and houses still owned by the authority were sold and allotted multiple times through forged documents and fake files. The purpose was to make quick money. However, such events ruin the trust of real estate buyers, and many people hesitate before investing. Moreover, many people face lifetime losses, leading to long litigation by buyers. Many wealthy developers take advantage of the common people resulting in land irregularities and loss in the long run.
Government and anti-corruption agencies must set fixed policies and implement them as well to tackle such issues by the developers. The real estate sector’s malpractices affect not only the buyers but also the whole economy, as this sector contributes greatly to the GDP. The buyers spend their life-long savings on houses and plots to secure the future, and when such irregularities occur, they lose trust. They have to spend additional money to take legal action against developers, which is time-consuming too. Hence, many people shift to other investment options or become extra careful while investing in real estate. The government must look into such matters so the losses of buyers can be saved or recovered timely. The private developers and property mafias must not benefit through fraudulent activities as it is unfair to the common people.
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