It is very important to know few things before contacting the real estate developer who will overlook your future construction projects.
A Developer is always considered an important part of every successful investment and choosing an accredited real estate developer is the first step into real estate investment. What does a real estate developer mean?
A company or a person particularly developing area or location, or building and updating an existing entity. They develop the project idea, feasibility study, sources of financing, consultant identification, contracting, marketing study, and sales strategy of the project.
WHY REAL ESTATE DEVELOPER IS IMPORTANT
Where an investor is concerned with investing in land for a limited period for buying, selling, and seeking profit without knowing much of the important data, a real estate developer finds raw land to produce real estate products that meet the real requirements of the community, between industrial, reditential, or commercial products, the developers are not meant to be the contractor or a real estate consultant or agent. The name “Real Estate Developer” is only for those who provide the services for real estate, like help in making your projects quickly without adding on mistakes. That helps to add more value to your project. In between the construction time period, developers behave like the manager, who is responsible for the project completion with time available and manpower along with the material. Etc. It is very important to know some important things such as detailed information about the project, the developer’s history of past projects, time of completion, current projects, cost study, alternative plans, penalty clauses, and engineering consultants before starting to protect from fraud and loss.
REGISTERED DEVELOPERS BY AUTHORITIES
As per the Islamabad Real Estate Regulation bill 2018, the authority is liable to issue the registeration, license, to a developers in a timespan of 30 days after they submit their application. The authority will issue a registration number, login id, and password to the website portal of the authority. The developer will then be required to fill in the details of their project and prominently mention the registration number of the project. If the application is rejected, it would be recorded in writing, provided that no application will be rejected without permission being heard by the applicant. The developer’s registration will be valid till the completion of the project. In case of any natural disaster or calamity, the authority can also extend the registration for one year. If the developer makes default in doing anything required under the act, or violates any terms of the approval, or is involved in any unfair practice, the authority can revoke the registration. Unfair practice refers to the promotion or sale of any real estate project by adopting deceptive methods. The registration will not be revoked without providing a prior 30-day notice to the developer. As a consequence, the authority will bar the developer from accessing the website and specify the name in a list of defaulters for future reference. Furthermore, the authority shall also direct all the banks to freeze the account of such a developer. The authority may then consult the federal government to take necessary actions to fulfill the project