The Pakistan Economic Survey estimates that the country’s construction sector contributes 2.53 % of the GDP. Despite having such a significant part in the country’s economy, the business is plagued by a host of issues that prevent it from growing to its full potential.
This article from Daaclay not only highlights the major issues impacting the real estate sector but also offers workable solutions for them.
Major Issue in Real Estate
Like every other industry, real estate has its share of distinct issues. Issues like transparency, encroachment, dishonest behavior, and illegal housing societies are serious oversights on the part of the government given the enormous value this industry has.
Some of the primary issues that the real estate sector is now dealing with Fare described below, along with workable ways to remove these obstacles.
Falsity in Real Estate Information
In the past, many people depended on word of mouth to assess the development and profitability of the investment options available in the real estate business. Back then, there were no trustworthy sources available to find pertinent information.
However, as the twenty-first century sprang, technological advancements improved significantly the scenario. One of the country’s pioneering high-tech and cutting-edge online property platforms, SAREMCO Group was established as a one-room business. It sorted out all the information that was available with the tireless efforts of years and posted it online for anyone to view in a highly sophisticated and understandable manner.
You can stay informed about the shifting prices and performances of the real estate markets in practically all of Pakistan’s main cities by using online resources like the Daaclay.com property portal. These innovative solutions are assisting in the elimination of other unethical behaviors including property scams and the idea of misinformation, allowing real estate stakeholders to win back the trust of their clients.
The country’s the real estate sector’s reluctance to adopt technology is one of its main problems. Pakistan is stuck in the past, sticking with manual processes and old paper transactions, while the rest of the world is moving forward and incorporating technology into its real estate transactions.
Property transactions would become seamless, easier, and more secure if technology were used. However, the business keeps regressing to outdated practices because of the nation’s slow adoption of technology.
Constraints with Real Estate Education Resources
In Pakistan, you are unlikely to run upon a licensed or qualified real estate professional. The majority of people are only operating this business based on their prior experience. It will greatly differ if the market has educated and accredited real estate brokers. Real estate professionals could utilize their abilities to the fullest extent by having a thorough knowledge of the industry and the potential of the property market.
The demand for qualified real estate agents has increased as a result of the digital revolution that the real estate sector underwent in recent years. There are currently just two reputable institutions in the nation that provide real estate courses:
- the Panjwani Institute of Business Studies and Technology (PIBSAT) and
- the National Institute of Real Estate Management (NIREM)
In order to modernize the nation’s real estate industry, we must also establish more comparable cutting-edge platforms and promote the idea of real estate education among locals as well as broaden its application.
The Dearth of Residential Units
The demand for housing is increasing constantly due to a growing population, and it is predicted to increase over the next two decades. In light of these trends, the nation struggles to meet the demand for residential housing. Real estate costs have skyrocketed as a result of the housing shortage, particularly in sought-after neighborhoods and housing cooperatives.
Given that the lowest percentage of homeowners in the nation are from the lower moderate-income classes, the problem can be handled by implementing subsidized housing programs for these individuals.
Unauthorized Housing Societies
Numerous unlawful housing projects have crept in along with the proliferation of housing societies around the nation, preying on unsuspecting investors and buyers. Any housing society that wants to become legitimate must first obtain a NOC; any society that is functioning without one is in violation of the law.
Many people are still ignorant of the fact that investors have lost millions of rupees. It is crucial that you properly investigate the housing society in advance and confirm that it has a NOC from the relevant authorities in order to guarantee that you do not become a victim of these scams.
Those who want to enter this vast market must have a thorough understanding of the key issues. There are a number of remedies that can be used to lessen the effects of these issues, but they have not yet been put into practice.