PAKISTAN - WARNING FOR CAUTION INVESTING IN HOUSING

LAHORE,June 15 (APP):

The National Accountability Bureau (NAB) Punjab has warned general public to observe utmost caution while making investment in housing and so-called lucrative prize schemes to circumvent changes of possible deceit and save their hard earned money.

Director General Punjab,Shah Nawaz Badar told APP here Sunday that as part of awareness plan, NAB has issued a comprehensive guideline for the general public to stay them away from fraudulent dealing in the housing sector and other so-called lucrative prize schemes as investigations have already been launched against various fake housing schemes.

These investigations were initiated on receipt of large number complaints by NAB.

According to the guideline, NAB has asked public not to pay heed to misleading advertisements/publicity campaign and physically examine the location of any proposed housing scheme, available land and the number of residential and commercial plots.

Those who are desirous of getting plots should check the registration and NOC for detailed lay-out plan issued by concerned development authorities i.e. CDA, RDA, LDA, TMA or Circle Registrar Cooperatives to the housing schemes.

As far the private builders, developers or construction companies are concerned, its registration and proper approval from the Securities and Exchange Commission of Pakistan is mandatory for collecting amounts for housing scheme.

Shah Nawaz Badar said that moreover, the applicants must confirm that the company has acquired and taken possession of land, houses, flats and these have been fully developed before publication of advertisement.

While examining the file of a plot, exact plot number, street number,sector, phase number and development charges etc of the scheme are clearly mentioned and a proper development schedule/ completion date is provided as knowledge and vigilance is the best way to stay away from frauds, says the guideline. NAB has also asked the general public to submit their complaints along with documentary evidence for initiating proper probe against fake housing schemes.

DG said that a universal access numbers 042-111622622 and 042-9203630 upto four lines have been installed for lodging complaints against unscrupulous elements.