Lahore: The National Accountability Bureau (NAB) has unveiled a series of reforms aimed at enhancing transparency and accountability in Pakistan’s real estate sector, including plans to gradually phase out the traditional file system and strengthen regulatory oversight.
The announcement was made by NAB Chairman Lieutenant General (Retired) Nazir Ahmed Butt during a meeting held at the Lahore Chamber of Commerce and Industry (LCCI), where he highlighted the authority’s efforts to curb fraudulent practices and promote greater confidence in the property market.
Shift Towards Transparent and Traceable Transactions
The NAB chairman said the bureau is working to eliminate non-transparent dealings, fraudulent activities, and cash-based transactions that have long affected the real estate sector.
He stated that future property transactions would increasingly be conducted through formal banking channels to ensure traceability and reduce opportunities for illegal practices. He also emphasized the importance of maintaining proper records, noting that housing schemes would be required to keep verified inventories and transparent details of available plots.
Restrictions on Sale of Unavailable Plots
According to the chairman, housing developers will not be permitted to sell plots beyond those included in their approved land banks. The move is intended to prevent overselling and protect investors from fraudulent schemes.
He further revealed that a one-window mechanism is being developed to simplify regulatory procedures and reduce delays for both investors and developers.
NAB and LCCI Sign Memorandum of Understanding
During the visit, NAB and the Lahore Chamber of Commerce and Industry signed a memorandum of understanding (MoU) aimed at strengthening coordination between the accountability watchdog and the business community.
The agreement is expected to improve regulatory engagement and facilitate the exchange of information to support a more transparent investment environment.
Citizens Advised to Verify Housing Schemes
The NAB chairman urged members of the public to exercise caution before making property investments. He advised prospective buyers to thoroughly verify No Objection Certificates (NOCs), approved layout plans, and the legal status of housing projects to avoid becoming victims of fraud.
PKR 462 Million Distributed Among Affectees
Separately, NAB distributed PKR 462 million among affectees of various housing societies and investment schemes as part of its ongoing recovery and restitution efforts.
The latest reforms reflect NAB’s broader objective of promoting transparency, safeguarding investors, and restoring confidence in Pakistan’s real estate market.
