In a significant development aimed at safeguarding citizens from housing scheme fraud, the Chairman of the National Accountability Bureau (NAB) announced a groundbreaking new policy during a ceremony in Lahore.
Addressing the audience, the Chairman highlighted the alarming statistic that seven out of every 10 people fall victim to housing scheme fraud, prompting the need for proactive measures.
Previously, housing societies operated with a two-way transaction system between builders and buyers, lacking regulatory oversight. Recognizing this gap, the Chairman emphasized the necessity of a revamped policy that involves all stakeholders. Under the new framework, transactions in housing schemes will shift from a two-way to a three-way model, incorporating the regulator from the outset alongside the builder and the buyer.
Crucially, the regulator’s involvement will ensure greater transparency and oversight throughout the entire process. All transactions will be mandated to go through the banking channel, eliminating the possibility of cash payments and thereby reducing the risk of fraudulent activities.
This proactive approach reflects NAB’s commitment to protecting citizens and ensuring the integrity of housing schemes, marking a positive step towards building a more secure and trustworthy real estate environment. The new policy is poised to bring about a fundamental shift in the dynamics of housing transactions, promoting fairness, accountability, and confidence among stakeholders.
