Lahore: National Accountability Bureau (NAB) Chairman Lieutenant General (Retired) Nazir Ahmed has announced comprehensive and historic reforms for the real estate sector in Pakistan, aimed at increasing transparency, protecting investors, and improving the ease of doing business.
Speaking at a meeting held at the Lahore Chamber of Commerce and Industry, the NAB chairman said authorities are taking effective steps to eliminate fraud, the file culture, and non-transparent transactions from the property market.
He said that under the new real estate sector reforms in Pakistan, the transfer of plots and property ownership in future real estate projects will be carried out through a regulatory framework. The move is intended to ensure greater accountability and reduce the risk of fraudulent practices.
Nazir Ahmed also said that cash transactions will be discouraged, while all payments will be made through formal banking channels. He added that housing schemes will not be allowed to sell more plots than are actually available, and every plot will have a proper identification record.
Addressing the gathering, Lahore Chamber President Faheem ur Rehman Sehgal said transparency, justice, and the rule of law are essential foundations of a strong economy. He stressed the need for further improvements in governance across public institutions.
