Islamabad: Prime Minister Shehbaz Sharif has constituted a high-level committee to examine the legality, regulatory framework, and revenue implications of property file trading, amid growing concerns over fraud, tax leakage, and investor protection in the real estate sector.
The committee was formed following media reports highlighting a major housing scam in Islamabad and Rawalpindi, where private housing schemes allegedly sold more than 90,000 plots without owning the underlying land. The reports stated that hundreds of billions of rupees were collected from buyers, including government employees and retirees.
According to the notification, the committee will be convened by the Minister for Law and Justice and will include the Chairman of the Federal Board of Revenue (FBR), senior members of provincial boards of revenue, a senior representative of the National Accountability Bureau (NAB) not below BS-21, the Chief Commissioner of Islamabad Capital Territory, and a representative of the Association of Builders and Developers.
The panel has been tasked with reviewing the legal status and operational mechanisms of property file trading, a common practice in Pakistan’s real estate market, and assessing its impact on federal and provincial revenues.
It will also examine the rights of file holders and property buyers, particularly in cases involving alleged fraud by developers, such as the issuance of fake or duplicate files and the overselling of plots, villas, and apartments.
Under its terms of reference, the committee will propose amendments to relevant laws to bring property file trading within a formal legal framework. The objective is to ensure proper tax collection, strengthen regulatory oversight, and provide legal protection to citizens and investors.
The committee has been directed to submit its report within one month, while the FBR will provide secretarial support for its operations.
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.
