Major overhaul of real estate sector under way: NAB chief

LAHORE: National Accountability Bureau (NAB) Chairman Lt Gen (retd) Nazir Ahmed Butt said on Monday that extensive changes were being introduced in the real estate sector to improve transparency, protect investors and make doing business easier.

Addressing businessmen at the Lahore Chamber of Commerce and Industry (LCCI), he said future property transactions would be conducted through banking channels. He added that housing schemes would be required to keep transparent records and adhere to approved land inventories. According to Butt, a broader regulatory framework was being prepared to check opaque practices, fraudulent schemes and irregular property dealings.

The NAB chairman also said a one-window mechanism was under development to streamline approvals from relevant regulators, with the aim of cutting delays and improving efficiency for both developers and investors. He told participants that the business community remained the engine of Pakistan’s economy and said NAB was committed to a fair, transparent and business-friendly accountability process.

Butt said the bureau had resolved an overwhelming majority of complaints received through chambers of commerce and continued to prioritise timely relief for affected citizens. During the event, he inaugurated the NAB Executive Facilitation Office and witnessed the signing of a memorandum of understanding between NAB and the LCCI to strengthen cooperation with the business community.

LCCI President Faheemur Rehman Saigol welcomed the NAB chairman and praised the bureau’s measures aimed at improving transparency. NAB Director General Lahore Mirza Faran Baig highlighted the bureau’s efforts to facilitate businesses and raise awareness about accountability laws and legal safeguards.

Separately, Qaiser Sharif, president of the Public Aid Committee of Jamaat-i-Islami, met the NAB chairman and discussed issues faced by thousands of people affected by fake, unregistered and registered housing societies.

Compensation distributed

At a separate ceremony held at NAB’s provincial headquarters, the chairman distributed Rs462 million among affectees of various housing societies and investment firms. The recovered sums related to the cases of Omega Residencia, Eden Housing, Abuzar Housing Scheme, Formanites Housing Scheme and Model Business Trade Centre. The recoveries were made under the supervision of NAB Lahore DG Mirza Faran Baig.

In the Omega Residencia case, more than Rs145 million was distributed among 500 affectees in the first phase of payments. In the Eden Housing case, Rs39.74 million was disbursed, while Rs186.19 million was distributed among affectees in the Suzuki Sialkot Motors case. NAB also paid Rs67.5 million to affectees of the Abuzar Housing Scheme.

An additional Rs2.2 million recovered in the State vs. Abrar Hussain Jaffery case was handed over to DS Postal Service, Mianwali. NAB said it had already facilitated the transfer of about Rs685 million to 5,571 claimants through online banking channels, while payments to the remaining verified claimants were under process. It added that a total of Rs1.4 billion had been disbursed among 11,076 affectees in the Eden Housing case.

Addressing the compensation ceremony, Butt 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 fraud.