NAB Chief Announces Sweeping Reforms to Boost Transparency in Real Estate

LAHORE: National Accountability Bureau (NAB) Chairman retired Lt‑Gen Nazir Ahmed Butt announced that major reforms are being rolled out in the real estate sector to enhance transparency, protect investors and simplify business operations.

Addressing members of the Lahore Chamber of Commerce and Industry (LCCI) on Monday, he said future property deals will be routed through banking channels and housing projects must keep transparent records and adhere to approved land inventories.

The NAB chief added that a comprehensive regulatory framework will curb non‑transparent practices, fraudulent schemes and irregular property transactions.

He noted that a one‑window mechanism is under development to streamline approvals from relevant authorities, reducing delays and improving efficiency for developers and investors.

Future property transactions through banking channels

Butt emphasized that the business community drives Pakistan’s economy and assured attendees that NAB remains committed to a fair, transparent and business‑friendly accountability process. He highlighted that the bureau has already resolved the majority of complaints received through chambers of commerce and continues to prioritize timely relief for affected citizens.

He reiterated that non‑transparent practices, fraudulent schemes and irregular property transactions will be curbed through a comprehensive regulatory framework.

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

LCCI President Faheemur Rehman Saigol welcomed the chairman and praised NAB’s initiatives to promote transparency.

NAB Lahore Director General Mirza Faran Baig outlined the bureau’s efforts to facilitate the business community and raise awareness of accountability laws and legal safeguards. Meanwhile, Qaiser Sharif, President of the Public Aid Committee of Jamaat‑i‑Islami, met with the NAB chief to discuss issues faced by thousands of victims of fake, unregistered and registered housing societies.

COMPENSATION: The NAB chairman distributed Rs462 million among affectees of various housing societies and investment firms.

During a ceremony at the NAB provincial headquarters in Lahore, recovered amounts linked to the cases of Omega Residencia, Eden Housing, Abuzar Housing Scheme, Formanites Housing Scheme and Model Business Trade Centre were disbursed.

The recoveries were supervised by Lahore NAB DG Mirza Faran Baig.

In the Omega Residencia case, more than Rs145 million was paid to 500 affectees as part of the first phase of compensation.

In the Eden Housing case, Rs39.74 million was disbursed; in the Suzuki Sialkot Motors case, Rs186.19 million went to affectees; and Rs67.5 million was allocated 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 the DS Postal Service in Mianwali.

NAB reported that it has already transferred approximately Rs685 million to 5,571 claimants via online banking, with payments to remaining verified claimants still being processed.

A total of Rs1.4 billion has been distributed among 11,076 affectees in the Eden Housing case.

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

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