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NAB Introduces Major Real Estate Reforms — Property Transactions to Move Through Banking Channels
National Accountability Bureau Chairman retired Lt-Gen Nazir Ahmed Butt has announced that major reforms are being introduced in Pakistan’s real estate sector to ensure transparency, protect investors and promote ease of doing business.
Speaking to businessmen at the Lahore Chamber of Commerce and Industry on Monday, he said future property transactions would be conducted through banking channels, while housing projects would be required to maintain transparent records and comply with approved land inventories.
The NAB chief said that non-transparent practices, fraudulent schemes and irregular property transactions would be curbed through a comprehensive regulatory framework. He also announced that a one-window mechanism is being developed to facilitate approvals from relevant regulatory authorities, reducing delays and improving efficiency for developers and investors.
NAB-LCCI Partnership
The NAB chairman inaugurated the NAB Executive Facilitation Office at the LCCI premises and witnessed the signing of a Memorandum of Understanding between NAB and LCCI aimed at enhancing cooperation with the business community.
LCCI President Faheemur Rehman Saigol welcomed the chairman and appreciated NAB’s initiatives aimed at promoting transparency. NAB DG Lahore Mirza Faran Baig highlighted the bureau’s efforts to facilitate the business community and promote awareness regarding accountability laws and legal safeguards.
Rs 462 Million Distributed to Housing Scheme Victims
In a separate ceremony, the NAB chairman distributed Rs 462 million among affectees of different housing societies and investment firms at NAB’s provincial headquarters in Lahore.
The recovered amounts related to cases of Omega Residencia, Eden Housing, Abuzar Housing Scheme, Formanites Housing Scheme and Model Business Trade Centre were distributed. In the Omega Residencia case, more than Rs 145 million were distributed among 500 affectees as part of the first phase of payments. In the Eden Housing case, Rs 39.74 million was disbursed, while in the Suzuki Sialkot Motors case a sum of Rs 186.19 million was distributed. Payments of Rs 67.5 million were also made to affectees of the Abuzar Housing Scheme.
The NAB said it has already facilitated the transfer of approximately Rs 685 million to 5,571 claimants through online banking channels, while payments to remaining verified claimants are being processed. A total of Rs 1.4 billion has been disbursed among 11,076 affectees in the Eden Housing case alone.
Warning for Property Investors
Addressing the ceremony, the chairman advised citizens to verify the NOC, approved layout plan and legal status of land before investing in any housing society or real estate project to avoid falling victim to fraud.
