Kaukab Iqbal welcomed the decision to lift the ban on converting residential plots into commercial properties in Karachi, calling it a historic move for the city’s development and business growth.
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Speaking at the headquarters of the Consumers Association of Pakistan, he said the decision would boost property values and create new investment opportunities across Karachi.
CAP Urges Government to Introduce Strict Builder Regulations
Kaukab Iqbal also urged the government to introduce strict regulations for builders and developers based on the Dubai property law model.
According to him, stronger oversight is necessary to protect consumers from large-scale real estate fraud.
Furthermore, he proposed that builders should not be allowed to take direct bookings from the public.
Instead, he suggested that all bookings should be processed through government institutions under official supervision.
Demand for Security Deposits and Consumer Protection
The CAP chairman said builders should deposit security funds with the government before launching projects.
As a result, authorities would be able to compensate buyers if projects face delays, remain incomplete, or involve additional charges.
He warned that many citizens across Pakistan, especially in Karachi, have suffered financial losses after investing in projects that either failed to deliver properties or denied refunds.
Concerns Over Illegal Real Estate Practices
Kaukab Iqbal claimed some builders market and sell projects without even owning the land.
Therefore, he called for the immediate creation of a strong regulatory authority to monitor all stages of real estate development, from booking to possession.
He stressed that proper oversight would help protect consumers from fraud and misleading advertising campaigns.
Warning Against Unregulated Commercial Expansion
The CAP chairman also emphasized the need for clear laws regarding the commercial conversion of residential properties.
He warned that without proper regulations, residential areas could face problems caused by workshops, warehouses, and other commercial activities.
Moreover, he urged authorities to maintain a balance between residential and commercial use in urban areas.
Property Complaint Center to Open on Tariq Road
Kaukab Iqbal announced the formation of a committee under CAP Vice Chairman Muhammad Kamal Mughal to address complaints related to delayed property delivery.
The committee will also inspect projects according to approved maps issued by the Sindh Building Control Authority.
In addition, he said a Property Complaint Center would soon open on Tariq Road, allowing citizens to file complaints directly against builders.
Kaukab Iqbal ended the press conference with a warning to developers, stating that consumer rights must be fully protected.
