Chairman NAB Nazir Ahmed Butt Announces Ongoing Reforms in Real Estate Sector

Chairman of the National Accountability Bureau (NAB), Nazir Ahmed Butt, has announced that reforms are underway in the real estate sector to standardize property transactions across the country. Speaking at a ceremony hosted by the Association of Builders and Developers (ABAD) in Karachi, he revealed that after the implementation of these reforms, properties—whether land, flats, or houses—will be sold at a unified value across Pakistan. He emphasized that properties will no longer be sold based on DC (Deputy Commissioner) values or FBR (Federal Board of Revenue) valuations.

Chairman Butt explained that henceforth, property transactions will only take place through banks. He highlighted that Karachi, in particular, faces numerous land-related issues, largely due to the involvement of seven to eight different authorities in the process.

Furthermore, NAB’s Chairman revealed that the real estate reforms will introduce an Astro Account system, similar to Dubai’s model, to ensure the security of buyers during property transactions.

Chairman Butt also discussed the widespread complaints of land encroachments on federal government properties. He cited a case in Karachi, where illegal alterations had been made to documents for over 7,500 acres of land worth approximately 3 billion rupees in the heart of the city.

Additionally, Chairman Butt acknowledged that ABAD had identified 86,000 illegal constructions in Karachi. While he made it clear that NAB is not seeking to demolish these buildings, he emphasized that legal measures would be pursued against them.

These reforms are expected to bring significant changes to the real estate sector, ensuring transparency, security, and streamlined processes for property transactions across Pakistan.