Real Estate Mafia Crack Down
(on Making a Fraud of RS 300 Billion of Innocent Pakistanis)
Breaking News: According to New Official Sources: 69% of Pakistan’s Housing Societies are fraud and illegal. There are a total of 8767 housing projects in Pakistan. But, over 6000 societies are unlawful and not registered within relevant institutes.
According to sources: The mock papers/papers of the societies are incomplete. Four Thousand plus Housing Societies are downright fraud and Scams. Moreover, over 300 societies are registered with corruption cases.
Most importantly, only 2700 societies are registered legally in Pakistan. In contrast, Pakistan’s real estate market’s total size is about RS 15 – 20 trillion.
On Sep 3, 2020, at 1:20 pm, Prime Minister of Pakistan’s special assistant Syed Zulfiqar Bukhari tweeted;
“Major crackdown will be originated on all illegal housing societies selling to Overseas Pakistanis through external channels (expos, digital, abroad offices). No one will be allowed to trick innocent OPs. Will share mechanism to implement better real estate investment channels.”
According to the senior ministry of HRP & OP (Human Resource Development), the complaints are mostly registered by Overseas Pakistanis against Real Estate Mafia and their disputes.
Officials of the Overseas Pakistanis Foundation were working around the clock at the Special Desk to establish a strong link between the concerned departments so that the grievances of the migrants could be addressed immediately. It is a notable step taken by the PTI government to resolve the challenges and miseries of Overseas Pakistanis.