NAB to Abolish Real Estate File System in Upcoming Property Reforms

The National Accountability Bureau (NAB) will introduce major real estate reforms within two months. Chairman Nazir Ahmed announced this regulatory overhaul earlier this week. Currently, the federal cabinet must review these proposed changes for final approval.

Once approved, these reforms will officially abolish the existing file system within the real estate sector. Consequently, developers will assume full responsibility for their housing and commercial projects.

Furthermore, the accountability bureau is changing its operational strategy. Chairman Ahmed confirmed that NAB no longer issues press releases regarding ongoing cases against parliament members. Instead, the bureau has transferred several of these cases to the Federal Investigation Agency (FIA) and provincial anti-corruption departments.

Moreover, Ahmed emphasized a new standard of fairness in the investigation process. He asserted that investigators must treat suspects with respect. He also clearly distanced the current administration from the bureau’s past actions.

Additionally, the NAB chief strongly criticized recent international governance assessments. He labeled a recent International Monetary Fund (IMF) report as “baseless”. Previously, the IMF’s Governance and Corruption Diagnostic Assessment pointed out weak institutions and persistent corruption as hurdles to Pakistan’s economic progress. However, Ahmed argued that the IMF never grants a “clean chit” to any nation. Similarly, he openly questioned the funding sources and survey methodology of Transparency International.

Finally, Ahmed highlighted the bureau’s recent financial performance. He claimed NAB achieved globally unprecedented financial recoveries over the past three months. He clarified that NAB deposits all recovered funds directly into the federal consolidated fund, retaining absolutely nothing for itself.

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