LAHORE: The National Accountability Bureau (NAB) has initiated distribution of allotment letters worth Rs70bn and cheques amounting to Rs970 million among 8,310 affectees of the housing sector.
NAB Chairman retired Lt-Gen Nazir Ahmed on Thursday attended a ceremony at the bureau’s Lahore headquarters for the distribution of allocation letters and cheques to victims of the housing scams.
During the event, allocation letters worth Rs70 billion and cheques worth Rs970 million were distributed among 8,310 affected individuals from the State Life Cooperative Housing and Formanites Housing Society cases.
Addressing the gathering, the NAB chief termed the recoveries in these cases the largest in NAB Lahore’s history. He inaugurated a Business Facilitation Cell at the Lahore office. He also announced the establishment of a facilitation cell for overseas Pakistanis to address property-related issues efficiently.
During the ceremony, 6,750 victims of the State Life Cooperative Housing Society awaiting plots allocation since 2003 were issued allocation letters worth Rs. 70 billion in collaboration with Lake City Holdings. The NAB chairman emphasized that efforts by the bureau and the Cooperative Department would enable the State Life Cooperative Society to complete development and possession of plots within three years.
Additionally, 1,560 victims of the Formanites Housing Society scam, waiting since 2000, were given cheques worth Rs. 970m, with assurances of another Rs 500m payout in profit within two months. He said 2025 would mark a transformative year for the real estate sector.
“A unified platform for developers, regulators, and stakeholders will address key issues under one roof to expedite project approvals and development timelines,” the chairman said and urged the government to establish dedicated courts for overseas Pakistanis in Lahore to resolve their cases swiftly.
He praised NAB Lahore’s investigation teams for resolving these long-standing disputes.
NAB Lahore Director General Amjad Majeed Aulakh said the Lahore bureau had distributed Rs12 billion among 26,000 victims through five ceremonies in the past two years. He sought elimination of the open-file system in Lahore’s real estate market and desired reforms, including the formation of a committee comprising DG LDA, senior members Board of Revenue, and RUDA officials to oversee progress on housing cases.
He said NAB Lahore’s new business facilitation cell is expected to significantly streamline property-related issues and boost business activity across Punjab.
Published in Dawn, January 24th, 2025
