NAB reforms real estate to end fraud

Cash transactions out, plot ID system in; MoU signed with LCCI for facilitation

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NAB reforms real estate to end fraud

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LAHORE:

The National Accountability Bureau (NAB) has announced comprehensive reforms in the real estate sector to eliminate illegal practices, protect investors and promote ease of doing business, Chairman Lieutenant General (retd) Nazir Ahmed Butt said on Monday.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he said future housing projects will regulate plot transfers through proper authorities. Cash transactions will be discouraged, and all payments will be made via banking channels. Housing schemes will not be allowed to sell more plots than available, and every plot will have a proper identification system.

A one-window facility will be provided for approvals from regulatory bodies to reduce delays for developers, he added.

A memorandum of understanding was signed between NAB and LCCI to strengthen cooperation. Butt also inaugurated the NAB Executive Facilitation Office at the LCCI premises.

Butt said NAB has recovered around Rs880 billion over the past two decades, with recovery volume increasing to Rs15.4 trillion in the current period. He also mentioned the recovery of 4.8 million acres of agricultural land. Large-scale government land worth around Rs10 trillion has been identified in Karachi, with recovery efforts underway in Punjab.