CCP launches probe into real estate markets

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.

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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.

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