Islamabad: The National Accountability Bureau (NAB) has recommended making it mandatory for housing societies to open escrow bank accounts to ensure timely completion of development work and early handover of plots to allottees.
Director General NAB Waqar Chohan stated this during a ceremony held to hand over possession of 200 plots to allottees of Sector I-15. He explained that funds deposited in these escrow accounts would be used exclusively for the development of the concerned housing scheme.
CDA Chairman Muhammad Ali Randhawa, CDA board members, and other officials were present at the event. A CDA spokesperson said that possession of 8,600 out of 10,200 residential plots in Sector I-15 has already been handed over to allottees.
Sector I-15 was launched more than 20 years ago, initially including plans for residential flats, which were later withdrawn. Speaking on the occasion, the CDA Chairman noted that development work in sectors such as C-14 has been expedited.
Chohan added that all allotments are being issued following proper scrutiny and that allotment letters will include barcodes to ensure transparency. He emphasized that close cooperation between CDA and NAB aims to promote accountability in the housing sector.
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