By Commerce Reporter
LAHORE: Chairman, National Accountability Bureau (NAB), Lieutenant General (R) Nazir Ahmed Butt said that NAB is introducing comprehensive reforms in the real estate sector to ensure transparency, protect investors, and promote ease of doing business.
He stated that illegal and non-transparent practices in housing and real estate projects will be eliminated.
He explained that in future real estate projects, the transfer of plots and property ownership will be regulated through proper regulatory authorities. Cash transactions will be discouraged, and all payments will be made through banking channels. He also said that housing schemes will not be allowed to sell more plots than the number actually available, and every plot will have a proper identification system.
He further announced that a one-window facility will be provided for approvals from all relevant regulatory bodies to reduce delays and difficulties for developers and businesses. These reforms, he said, will improve transparency, eliminate fraud, and give a new direction to the housing sector.
The meeting was held at the Lahore Chamber of Commerce & Industry. President LCCI Faheem Ur Rehman Saigol attended the session and welcomed the Chairman NAB, DG NAB Lahore Mirza Faran Baig was also present on the occasion.
On this occasion, a Memorandum of Understanding (MoU) was also signed between NAB and LCCI to strengthen mutual cooperation. The Chairman NAB also inaugurated the NAB Executive Facilitation Office established at the LCCI premises and planted a tree in the chamber courtyard.
Speaking at the event, LCCI President Faheem Ur Rehman Saigol said that LCCI believes in promoting positive relations and trust between the business community and state institutions. He described the Chairman NAB’s visit as encouraging for the business community and said it will further strengthen cooperation between NAB and the private sector.
DG NAB Mirza Farhan Baig said that close coordination between NAB and the business community is essential for improving transparency and efficiency in the system.
LCCI President also said that NAB plays an important role in eliminating corruption and promoting transparency and rule of law. He added that the business community fully supports transparency and accountability because a fair system is essential for restoring investor confidence.
He stressed the need to further improve governance and performance of public institutions in Pakistan. He said effective accountability and transparency can increase both local and foreign investment. He added that the private sector is playing a key role in economic growth, job creation, and exports.
Faheem-ur-Rehman Saigol also said that law-abiding and tax-paying businesses should be fully protected so that legitimate business activities can continue without interruption.
He emphasized the need to increase awareness among business people about NAB laws, procedures, and legal protections. LCCI, he said, will fully cooperate with NAB in arranging awareness sessions, seminars, and informational programs.
He added that accountability should discourage corruption but should not create unnecessary hurdles for legitimate business activities.
Chairman NAB Lt. Gen. (R) Nazir Ahmed Butt said that NAB considers the business community as the “engine of growth” of Pakistan’s economy and will continue to support business activities within the legal framework.
He said NAB aims to make the accountability process more effective, transparent, and business-friendly.
He assured participants that legitimate concerns of the business community will be addressed on priority. He also said that NAB is a friend and supporter of the business community and recognizes its key role in national economic development.
He further said that NAB has recovered around 880 billion rupees over the past two decades, while in the current period the recovery volume has increased significantly to 15.4 trillion rupees. He also mentioned the recovery of 4.8 million acres of agricultural land.
He added that large-scale government land worth around 10 trillion rupees has been identified in Karachi, and recovery efforts are underway in Punjab as well, including valuable properties in areas such as Mall Road and cantonment regions.
He said NAB prefers action over publicity and is introducing major reforms in the real estate sector to eliminate fraud. These include making property transactions transparent, reducing cash dealings, gradually ending the file system, and introducing a trilateral transaction system.
He said these reforms were developed after extensive consultation with stakeholders, regulators, and developers to protect investors and reduce fraud risks. Better coordination among regulatory bodies, he added, will improve business activity and restore public trust.
He concluded by reaffirming that cooperation between NAB and LCCI will be further expanded to improve the business environment, resolve business community issues, and promote transparency and economic growth.
