Lahore: The National Accountability Bureau (NAB) has announced a series of reforms aimed at improving transparency in Pakistan’s real estate sector, including efforts to phase out the traditional file system and strengthen regulatory oversight.
Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), NAB Chairman Lieutenant General (retired) Nazir Ahmed Butt said the authority is working to eliminate fraudulent practices, non-transparent transactions, and cash-based dealings in the property market.
He said future real estate transactions would increasingly be routed through banking channels to ensure traceability and reduce the scope for illegal activities. He added that housing schemes would be required to maintain verified inventories and transparent records of available plots.
According to the NAB chairman, housing developers will not be allowed to sell more plots than those available in their approved land banks. He said a one-window mechanism is also being developed to streamline regulatory processes and reduce delays for investors and developers.
During the visit, NAB and the Lahore Chamber of Commerce and Industry also signed a memorandum of understanding to enhance coordination with the business community and improve regulatory engagement.
The chairman advised citizens to carefully verify No Objection Certificates (NOCs), approved layout plans, and the legal status of housing schemes before making any real estate investment to avoid potential fraud.
Separately, NAB distributed PKR 462 million among affectees of various housing societies and investment schemes as part of ongoing recovery and restitution efforts.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
