Pakistan Plans Major Reforms in Real Estate Sector to Boost Transparency and Investment

LAHORE: Pakistan is preparing to introduce wide-ranging reforms in the real estate sector aimed at improving transparency, protecting investors, and strengthening economic activity, according to officials.

Chairman of the National Accountability Bureau (NAB), Nazir Ahmed, announced the proposed reforms while addressing a ceremony, stating that the initiative is designed to make the property market more transparent, organized, and reliable for investors and stakeholders.

Speaking at the Lahore Chamber of Commerce and Industry, he highlighted that the government is working on eliminating issues such as fraud, the file system, and non-transparent property transactions. Under the proposed framework, the sale and transfer of property in housing schemes will be regulated through a formal system to minimize disputes and irregularities.

He further stated that cash transactions will be discouraged, with a gradual shift toward banking channels for all financial dealings in the real estate sector. The move aims to improve financial transparency and ensure proper record-keeping.

According to the NAB chairman, developers will no longer be allowed to sell more plots than the actual number available in any housing project. Each plot will also be assigned a unique and verified identity to reduce the risk of fraud and protect buyers.

Lahore Chamber of Commerce President Faheem-ur-Rehman Saigol, also addressing the event, said that transparency, justice, and rule of law are essential for a strong economy. He stressed the need to improve governance in public institutions to build investor confidence and enhance the business environment.

Participants at the event emphasized that the proposed reforms would not only restore trust in the real estate sector but also encourage investment and contribute to broader economic growth.