LAHORE: To curb deceptive practices, the Competition Commission of Pakistan (CCP) has launched a formal investigation in real-estate markets of Lahore and its adjoining districts -Sheikhupura, Kasur and Nankana Sahib.
After concluding public hearings Lahore, Islamabad and Karachi, and hearing concerns raised by the Lahore Development Authority (LDA) action against 62 private housing schemes was initiated by the commission to prevent fraud and safeguard public interest.
While briefing on the matter, an official of the commission said that penalties over Rs20 million have been imposed in the real estate sector over similar misconduct. An additional penalty of worth Rs75 million will be slapped on private housing societies involved in deceptive marketing and fraud in Lahore and its adjoining districts.
Prior to this, CCP Member Dr Shahzad Ansar led a delegation to meet LDA Director General (DG) Sumair Ahmad Syed to convene a plan to protect the general public from scams in real estate.
The housing schemes were declared illegal on the basis of violating the master plan of Lahore division or not having the authority’s approval.
For news and blogs, visit Graana.com.
Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…
Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…
Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…
Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…
Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…
Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
