Cash transactions to be phased out, plot identification system introduced, and one-window approval facility launched for developers.
Image: Daily Times
LAHORE: Chairman of the National Accountability Bureau, Nazir Ahmed Butt, announced major reforms in the real estate sector aimed at eliminating fraud, safeguarding investors and improving the business environment.
Speaking at the Lahore Chamber of Commerce and Industry on Monday, he said future housing projects will be required to process plot transfers through authorized regulatory channels.
Under the new measures, cash transactions will be discouraged, with all payments to be made through banking channels to ensure transparency and accountability.
The reforms also prohibit housing schemes from selling more plots than are available. In addition, every plot will be assigned a unique identification system to improve record-keeping and reduce disputes.
To facilitate developers, a one-window operation will be introduced for obtaining approvals from regulatory authorities, helping reduce delays and streamline project processing.
During the event, NAB and LCCI signed a memorandum of understanding (MoU) to strengthen cooperation and improve coordination between the two institutions. Chairman Butt also inaugurated the NAB Executive Facilitation Office at the LCCI premises.
Highlighting NAB’s performance, Butt said the bureau has recovered approximately Rs880 billion over the past two decades. He added that total recoveries during the current period have reached Rs15.4 trillion.
He further stated that 4.8 million acres of agricultural land have been recovered, while government land worth nearly Rs10 trillion has been identified in Karachi, with recovery operations continuing in Punjab.
The reforms are intended to increase transparency, strengthen investor confidence and promote sustainable growth in Pakistan’s real estate sector.
