Lahore: Member of Provincial Assembly (MPA) Mian Abdul Rauf on Friday (June 26) submitted a resolution in the Punjab Assembly wherein he called for fixing a 2% rate of commission for property agents registered with the government. The resolution is expected to be presented before the provincial legislature for approval this week.
Once the resolution gets passed, related work will be carried out to form the needed legal framework in this regard. According to details, the efforts to set the commission for property agents were being made by the Federation of Realtors Pakistan ex-president Major (retired) Rafiq Hasrat.
Reportedly, the real estate agents have been demanding to fix the commission percentage for a long time. Commenting on this development, Hasrat said that a meeting will soon be held with Punjab Assembly Speaker Pervaiz Elahi and Minister for Law and Parliamentary Affairs Muhammad Basharat Raja to help prepare the legal framework required to make the needed changes in the law.
The resolution further demands the government to take measures for the registration of trained professionals in order to run the real estate business in the country as this will help protect investor’s interest and at the same time help the government increase its revenue. If the resolution gets passed, the registered real estate agents will be bound by law to get 2% commission against the services they provide on sale and purchase of immovable properties