Are you confused about getting license for your real estate business or are you new to this business? You have come to the right place as, this blog will be the answer to all your queries because we will take you to the whole path of details of how to get certificate and what rules and regulations are important to keep in mind while
Let’s dive into the depth of essentials in real estate market before acquiring license. In Pakistan, SCEP and FBR regulates and govern companies broadly. And all companies are meant to follow Securities & Exchange Commission of Pakistan Act, 1997 or else they are termed as illegal company
As we know that business of land marketing is extensive and broad but human lives revolve around land and buildings. The market of landholdings which comprises from simple small home to complex high rise buildings or gigantic industries. The business is blooming every day and people are jumping on this bandwagon. Where ever we see, we see new companies’ interminable real estate projects so one cannot deny the importance and how much profit this sector holds. As well as, it plays a crucial role in economy of Pakistan.
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Real estate in Pakistan:
Starting your own business in Pakistan can be demanding as it not only requires huge investment but it also needs right strategic mindset, always upgrading and introducing unique ways to stand out in commercialism. In Pakistan, every age group is working. We get to see young fresh minds introducing their modern ideas in market and aged people flaunting the vintage aesthetics. It has it all.
We will instruct all concerned audience about licensing system. Now first thing is to understand what SECP act 1997 as it is the main crux of business set ups in Pakistan.
Security and Exchange Commission of Pakistan:
The Securities and Exchange Commission (SEC) or the Commission is the government agency which regulates, supervise and protect the commercial sector, the capital enterprise, and all the companies of securities and investments and aims to introduce international standard for business and investors legal. Securities and Exchange Commission makes sure to provide a safe environment to ensure that any individual wanting to buy and sell stocks or other securities can do so without fear of being manipulated, and that the SEC will take action against offenders.
Securities and Exchange Commission of Pakistan Act,1997:
This act is a complete guide book for Pakistanis willing to start their businesses in sectors like real estate, finance, capital and private firms or how to get warrant and registration with do’s and don’ts. One should securitize the SECP Act before registration
Look up to the cost and benefits and investments one has to do. Keep your documents up-to-date. SCEP has specifically reserved an email for queries and data information. All you have to do is to write down your questions and send them an email at easeofdoingbusiness@secp.gov.pk .
Licensee of Real estate:
An authorization of real estate gives permission to a realtor to sell, buy or rent any kind of property to buyers and renters under law. It is important to acquire permit legally before indulging in real estate market. It is a necessity to hold a license whether you are a sales person or you are managing a company.
With certificate in your hand. You will be allowed to own or manage a real estate agency, independent realtor etc.
Every state in the world have different licensing and processing system but submission of basic information is same. For instance, academic record and real estate courses and exams certificates.
Time Span of License:
In general, real estate license can take up to four to six months completely because of its complexity in nature.
With course and diplomas for real estate exams and work hours, it can exceed up to total of 2 or 3 years. And after application proceeding can take six or seven months.
The process of getting an authorized warrant from state is a long process but it is worth the wait.
Outlay of Licensing:
The cost of a real estate license can vary place to place and depends on location of your course or exam. In Pakistan, initial and basic courses can cost up to 30K to 50K and advanced ones can cost you around 60K to 100K. There are different institutes in Pakistan that are offering degrees, diplomas, short and online courses or even holding workshops.
- Professional Diploma in Real Estate Management (PIM) in Karachi
- Panjwani Institute of Business Studies and Technology (PIBSAT) in Rawalpindi
- National Institute of Real Estate Management (NIREM) in Karachi
These are some famous institutes and with the recent hype of real estate in Pakistan. There are hundreds of institutes, colleges or government associations providing education in real estate sector. For license, all you have to do is to register yourself in any organization and after completing its time and exams. The certificates or degrees will be important in your license.
Required Information:
In Pakistan, while applying for license. Some pivotal data which is require is as under:
- Age eligibility (18 or above)
- Official documents including CNIC
- Educational Data inclusive of matriculation, intermediate and university certificates
- Examination Eligibility (12 or higher years of education).
- Original Certificates of real estate diplomas or courses
- Record checkup for crimes of any nature.
- Applications fees receipts
- Authorized and Approved license application
In case of fake documents or false information, the application will be cancelled on spot and individual will face the consequences under the law of Pakistan.
In terms of criminal history, individual would be investigated as well their information would be examined for charges and punishment.
Final Step in acquiring license:
After these mentioned crucial and focal steps, one has to gather all written documents and consult designated areas real estate commissioner. The commissioner will guide and assist in official papers, applications, licensing courses, and charges of application fees and processes. Every area has different regulating societies and by following their instruction. One can legally acquire license which is granted by people appointed by state governments.
Afterwards, a person has the capability to either join any real estate firm or open their own agency. In Pakistan, as we know that business of landholdings is blooming day and day. Every day we come across with new firms being introduce in market. Hundreds and thousands of people choose real estate as their career and government issues licenses to them. If you have enough investments, one can easily setup their own firm by registering their company in SECP.
If not, you can easily work in any big firm as a realtor or sales person. For instance, Sapphire Builders and Associates, famous name in market, hires hardworking and dedicated sales person in their team and gives them full platform to showcase their skills and benefit them with bonuses. If you want to work independently in Pakistan, all you have to do is to establish an office and make a portfolio of your skills and objective. You will be able to make your own name in field. There are endless options as the real estate market is so deep and diverse and offers so much to the community.