ISLAMABAD (PRESS RELEASE)
The Competition Commission of Pakistan will hold Open Hearings on Competition Issues in the Real Estate Sector in Lahore and Karachi to give an opportunity to the stakeholders to voice their concerns on relevant issues.
The Open Hearing in Lahore will be held at 11 am on Tuesday, 17 April 2018 at PC Hotel Lahore, while it will be held in Karachi at 11 am on Thursday, 19 April 2018 at Avari Hotel Karachi. The Open Hearing in Islamabad was successfully held on 12 April 2018.
The real estate sector plays a crucial role in the development and economic growth of Pakistan by its contribution to the national GDP, attracting local and foreign investment, and generating employment opportunities.
The real estate sector spends billions of rupees on marketing campaigns in print and electronic media to publicise their offerings. The Commission has received numerous concerns and complaints that certain housing societies across the country are deceiving consumers through deceptive marketing practices. These include false claims relating to the facilities being offered, hiding important information such as development charges, misleading people on facts such as distance from key landmarks, and status of approvals of relevant authorities.
The Commission, under its advocacy mandate and to protect consumers from anti-competitive practices, has decided to hold the open hearings.
All the stakeholders including print and electronic media is invited to attend the open hearings in Lahore and Karachi.