Lt-Gen (Retd) Nazir Ahmed, Chairman of the NAB, delivered plots worth Rs 70 billion and checks of Rs 97 crore to 8,310 different housing scheme beneficiaries.

The NAB chairman was the main guest at the distribution event.

Lake City Holding gave allocation documents worth Rs 70 billion to 6,750 victims who had been waiting for plots from the State Life Society since 2003.

State Life Cooperative Society, under the supervision of NAB, will be affiliated with Lake City and will be developed over a three-year period.
Speaking at the ceremony, the NAB chairman stated that the settlement of Rs 70 billion in State Life plots will be considered the largest recovery in the NAB’s history in Punjab.

Since 2000, checks totalling Rs 97 crore have been distributed to 1,560 Formanites Housing victims who had been waiting for plots.

Payment of Rs 50 crore in the form of compensation to the victims will begin within two months.

During his visit, the NAB chairman also launched the Business Facilitation Cell for the business community at the NAB’s Lahore office.

Speaking at the event, the NAB chairman stated that it has been decided to create a facility centre in Lahore to resolve property-related issues for Overseas Pakistanis.

Efforts will be taken to establish a special court for Pakistanis abroad in Lahore to handle their issues on priority, he said, adding that directives have been issued to build a facility cell in Lahore for the real estate industry.

The chairman stated that it has been determined to bring all stakeholders together to accelerate real estate activity in Punjab.

“Developers and regulators want to address difficulties in one place to expedite the approval and development of housing projects.

“We will complete the works that used to take years in the past in weeks,” stated the engineer.
The chairman praised NAB Lahore teams for solving the State Life and Formanites Housing scandals in such a short period of time.

He gave certificates of appreciation to the State Life Cooperative and Formanites Housing joint inquiry teams.

Before departing, Chairman NAB conveyed his thoughts in a comments book.