Property files era ends

April 30, 2026 (MLN): Pakistan is set to overhaul its real estate sector as the National Accountability Bureau (NAB) prepares to abolish the decades-old property file system within two months, Chairman Lt Gen (retd) Nazir Ahmed Butt said during an informal media briefing.

"A comprehensive reform package would be presented to the federal cabinet for approval," he stated.

Once implemented, the new framework will shift full legal and financial responsibility onto registered developers, fundamentally altering how property transactions are conducted, he added.

The proposed structure envisions a regulated, three-party transaction model involving the buyer, developer and the state, with all payments routed through formal banking channels.

Cash-based dealings, long associated with undocumented activity, are expected to be phased out.

The move targets longstanding malpractices in the sector, including the sale of unverified files, fictitious plots and multiple bookings on the same property.

He noted that a significant portion of the population has been affected by housing fraud, underscoring the need for tighter oversight.

Separately, the NAB chief said the bureau has recovered Rs1.124 trillion in cash and assets worth nearly $30 billion over the past two and a half years.

All recovered funds, he added, have been transferred to the federal consolidated fund, with no retention by the agency.

On enforcement, Butt said several cases involving lawmakers have been referred to the Federal Investigation Agency and provincial anti-corruption bodies, while the bureau has discontinued its earlier practice of issuing public statements on ongoing investigations.

The reforms signal a shift toward greater transparency and documentation in Pakistan’s real estate market, with policymakers aiming to curb systemic fraud and restore investor confidence.

Copyright Mettis Link News