ISLAMABAD: Designated Non-Financial Business and Profession (DNFBP) registration is mandatory for real estate development authorities and housing societies – both commercial and residential to acquire NOCs, announced the Federal Board of Revenue (FBR).
“No public sector development department shall provide any NOC/approval/permission to any kind of real estate development authority or housing society (commercial/residential) unless the applicant is registered with the FBR as a Designated Non-Financial Business and Profession (DNFBP) and has also appointed or nominated compliance officer,” the notification stated.
Effective from March 15, 2022, the condition has been imposed on all the public sector development departments to comply with the conditions of the FATF’s anti-money laundering act.
The notification further instructed the public sector development departments to issue the relevant orders immediately and appoint or nominate compliance officers without fail.
In addition, the public sector development department has also been directed to ensure the registration of all real estate authorities and housing societies – previously approved to be registered as DNFBPs with FBR and have appointed or nominated compliance officers.
All real estate development authorities and housing societies can collect registration certificates from the concerned director once registered as DNFBP.
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.
