The Chairman of the National Accountability Bureau (NAB) declared plans to introduce a new policy for housing schemes during a ceremony in Lahore.
Emphasizing the prevalence of housing scheme fraud, he stated that seven out of every 10 people fall victim to such schemes, prompting the need for enhanced citizen protection.
Previously, transactions in housing societies were limited to two-way interaction between the builder and the buyer, lacking regulatory oversight.
The forthcoming policy aims to rectify this by transforming the transaction process into a three-way collaboration involving the builder, buyer, and regulator from the project’s inception.
All transactions will be conducted exclusively through the banking channel, strictly prohibiting cash payments, and ensuring transparency and accountability.
