CDC embarks on the conceptualization & development of a Digital Land Repository/ Registry along with Association of Builders & Developers of Pakistan (ABAD)
The Association of Builders and Developers of Pakistan (ABAD) and Central Depository Company of Pakistan (CDC) have signed a historic Memorandum of Understanding (MoU), on the 12th of Sept 2019, for the digitalization of land records through a Land Repository System, which will be the first ever system of its kind in the country envisioned to cater to the need for Electronic Registration of Land and Land Titles.
The signing ceremony was held at ABAD House, Karachi. Vice Chairman ABAD Abdul Kareem Adhia and CEO-CDC Badiuddin Akber signed the MoU witnessed by Chairman ABAD Muhammad Hassan Bakshi, Chairman CDC Moin M Fudda, Senior Vice Chairman ABAD Anwar Dawood, Chairman Southern Region Ibrahim Habib, senior officials of CDC and members of ABAD who were also present on this occasion.
Through this MoU, both CDC and ABAD will work on the legal & operational assessment, pilot project implementation and system advocacy for the establishment of the Land repository system which is aimed to facilitate transparent transfer of ownership settlements of sale/purchase and leasing/rentals. The Repository is envisaged to act as a custodian of land/property titles by converting the same into digital (paperless) form, thereby functioning as the operational office for the maintenance of land/property titles. It will also facilitate the credit lending process by allowing lenders to gain comfort as to the quality of collateral in case of land/property, thus leading to greater transparency in the property market. The improvements brought about in the land records and administration process as a result of the proposed project will lead to an environment where mortgages will be regarded as an attractive asset, and this–together with a strong legal infrastructure supporting the registration, enforcement and eventual pledging and sale of mortgage loans–will lead to the development of a strong secondary market.
Addressing the ceremony, Mr. Moin M Fudda congratulated ABAD for initiating such a momentous task. He said that the electronic registration of land documents will help abolish possibilities of fraud and corruption. Chairman ABAD, Mr. Muhammad Hassan Bakshi, said that ABAD is working for the promotion of legal and bona fide construction activities in Pakistan and is eager to establish a transparent and fair system for the benefit of all stakeholders and the nation at large.
Addressing the ceremony, Mr. Badiuddin Akber, CEO-CDC, highlighted the proposed objectives of Land Repository System and CDC’s competence to handle projects of such a magnitude. Mr. Zaigham Rizvi, Chairman Prime Minister’s Task Force for Housing, also spoke on this occasion and stressed on the importance of this project for overcoming the constraints in the development of real estate and housing finance markets. Vice Chairman ABAD, Mr. Abdul Kareem Adhia, thanked all guests and acknowledged their support of the initiative.