NAB announces new policy for housing schemes

Lahore: Chairman of National Accountability Bureau (NAB) Monday announced to bring a new policy for housing schemes.

Addressing the ceremony in Lahore, Chairman NAB said that seven out of every 10 people are victims of housing scheme fraud for which they are introducing a new policy to protect the citizens.

Till date, there used to be two-way transaction between builder and buyer in the housing societies and the regulator was missing, he added.

Chairman NAB stated that all stakeholders will be included in the new policy of housing schemes. Now the transaction between the builder and the buyer will be three-way instead of two-way. The regulator will be a part of every transaction along with the builder and the buyer from the first day. All the transactions will be through the banking channel, no cash payment will not be allowed.