Islamabad [Pakistan], December 22 (ANI): There are more illegal housing societies in Pakistan than legal ones with over 69 per cent of the country's housing societies not being registered, government documents reveal.
According to official documents, around 6,000 out of total of 8,767 housing societies have not been registered with the concerned institutions. These 6,000 housing societies have been made on bogus papers or their papers are incomplete, reported Geo News.
Despite the size of the real estate market being estimated to around Rs 15-20 trillion, only 2,767 houses are legally registered with the concerned institutions in the country
Furthermore, over 4,000 fraud and corruption cases are registered against 500 societies in Pakistan, which amount to over Rs 300 billion.
Earlier in September, Sayed Zulfikar Bukhari, Special Assistant to the Prime Minister on Overseas Pakistanis, had announced a "major crack down" on all illegal housing societies that engaged in hoodwinking expatriates.
Bukhari said the crackdown was aimed at "all illegal housing societies selling to Overseas Pakistanis through external channels", such as expos, as well as digital and overseas offices, and promising them fake investment opportunities, reported Geo News. (ANI)