Escrow Accounts to Improve Housing Sector Accountability
The National Accountability Bureau (NAB) has recommended making it mandatory for housing societies to open escrow bank accounts. This measure aims to ensure timely completion of development work and early handover of plots to allottees, improving transparency and trust in the real estate sector.
Possession Ceremony Marks Progress in Sector I-15
Director General NAB, Waqar Chohan, highlighted the initiative during a ceremony to hand over 200 plots to allottees of Sector I-15. He explained that funds deposited in escrow accounts would be used exclusively for development work of the respective housing scheme, preventing fund misuse.
The ceremony was attended by CDA Chairman Muhammad Ali Randhawa, CDA board members, and other officials. According to CDA sources, 8,600 out of 10,200 residential plots in Sector I-15 have already been handed over to allottees, marking significant progress in the sector.
Ensuring Transparency and Proper Allotments
Sector I-15, launched over 20 years ago, initially included plans for residential flats, which were later withdrawn. Speaking at the event, CDA Chairman noted that development work in other sectors, including C-14, has also been expedited.
Chohan emphasized that all allotments undergo proper scrutiny, and allotment letters will now include barcodes to ensure full transparency. The collaboration between CDA and NAB is designed to promote accountability and build public confidence in Islamabad’s housing projects.