Major reforms introduced in real estate sector: NAB chief

LAHORE: National Accountability Bureau (NAB) Chairman retired Lt-Gen Nazir Ahmed Butt says major reforms are being introduced in the real estate sector to ensure transparency, investor protection. ease of doing business.

Speaking to businessmen at the Lahore Chamber of Commerce. Industry (LCCI) on Monday, he said future property transactions would be made through banking channels while housing projects would be required to maintain transparent records and comply with approved land inventories.

The NAB chief said that non-transparent practices, fraudulent schemes. irregular property transactions would be curbed through a comprehensive regulatory framework.

He said a one-window mechanism was being developed to facilitate approvals from relevant regulatory authorities, reducing delays. improving efficiency for developers and investors.

Future property transactions through banking channels

He said that the business community was the driving force of Pakistan’s economy. assured participants that the NAB remained committed to a fair, transparent and business-friendly accountability process. He noted that NAB had successfully resolved an overwhelming majority of complaints received through chambers of commerce. continues to prioritise timely relief for affected citizens.

He said that non-transparent practices, fraudulent schemes and irregular property transactions would be curbed through a comprehensive regulatory framework.

Butt inaugurated the NAB Executive Facilitation Office. witnessed the signing of a Memorandum of Understanding (MoU) between NAB and LCCI aimed at enhancing cooperation with the business community.

LCCI President Faheemur Rehman Saigol welcomed the chairman and appreciated NAB’s initiatives aimed at promoting transparency.

NAB DG Lahore Mirza Faran Baig highlighted bureau efforts to facilitate the business community. promote awareness regarding accountability laws and legal safeguards. Meanwhile, Qaiser Sharif, President of the Public Aid Committee of Jamaat-i-Islami, held a meeting with the NAB chief. discussed problems faced by thousands of victims of fake, unregistered and registered housing societies.

COMPENSATION: The NAB chairman distributed a sum of Rs462 million among the affectees of different housing societies and investment firms.

During a ceremony held at NAB provincial headquarters here, the recovered amounts pertaining to the cases of Omega Residencia, Eden Housing, Abuzar Housing Scheme, Formanites Housing Scheme. Model Business Trade Centre were distributed.

The recoveries were made under the supervision of Lahore NAB DG Mirza Faran Baig.

In the Omega Residencia case. more than Rs145 million were distributed among 500 affectees as part of the first phase of payments.

In the Eden Housing case. Rs39.74 million was disbursed, in the Suzuki Sialkot Motors case a sum of Rs186.19 million was distributed among the affectees while payments amounting to Rs67.5 million were also made to affectees of the Abuzar Housing Scheme.

An amount of Rs2.2 million recovered in the State vs. Abrar Hussain Jaffery case was handed over to DS Postal Service, Mianwali.

The NAB said it already facilitated the transfer of approximately Rs685 million to 5,571 claimants through online banking channels. while payments to remaining verified claimants were being processed.

A total of Rs1.4bn were disbursed among 11,076 affectees in the Eden Housing case.

Addressing the ceremony, the chairman advised citizens to verify the NOC, approved layout plan. legal status of land before investing in any housing society or real estate project to avoid falling victim to fraud.

Published in Dawn, June 9th, 2026