Staff Reporter
ISLAMABAD,:The National Accountability Bureau (NAB) has taken a significant step to curb deceptive practices in the real estate sector, with leading marketing firms pledging to cease the promotion of unapproved housing schemes.A high-level meeting was held at NAB Islamabad/Rawalpindi under the chairmanship of the Director A&P NAB Islamabad and Rawalpindi.The session primarily focused on reviewing concerns regarding the promotion of unauthorized housing schemes, misleading advertisements aimed at the public, and the absence of effective regulation in the real estate marketing sector.During the session, it was noted that several housing societies misleadingly advertise their projects as being located within or near Islamabad, whereas in reality, these developments are situated in remote areas outside the administrative limits of the Federal Capital.It was also noted that some developers and marketing agencies upload unapproved or exaggerated layout plans on their websites and promotional materials, misleading the public about the projects’ actual location and legal status.Such practices, the participants agreed, not only damage public trust but also result in financial losses and exploitation of citizens.Representatives of all major marketing companies assured NAB that they would refrain from advertising or promoting any unauthorized or unapproved housing schemes in the future. Participants also agreed on the need to introduce a regulatory framework for digital marketing, to ensure that online advertisements are transparent and accurate.Furthermore, the meeting proposed the introduction of escrow accounts to protect public investments and recommended the establishment of a licensing authority for real estate marketing companies, ensuring that only registered and verified entities are allowed to operate in the sector.Addressing the participants, Director NAB Javed Ahmed Khan emphasized that NAB is working in close coordination with all relevant authorities to protect the interests of the public and to ensure transparency in the real estate sector. He reiterated that strict action would be taken against all elements involved in misleading advertisements and public deception.The meeting was attended by representatives of leading real estate marketing companies including Agency 21, Graana, Sky Marketing, and several others.
