KARACHI: Association of Builders and Developers of Pakistan (ABAD) and Central Depository Company Pvt Limited (CDC) on Thursday signed an historic Memorandum of Understanding (MoU) for the digitalization of land records through Land Repository System, which will be the first ever system of Pakistan and it will cater the need of Electronic Registration of Land and Land Titles.
The signing ceremony was held at ABAD House here on Thursday.
Vice Chairman ABAD Abdul Kareem Adhia and Badiuddin Akber CEO of CDC signed the MoU witnessed by Chairman ABAD Muhammad Hassan Bakshi, Chairman CDC Moin M Fudda, Senior Vice Chairman ABAD Anwar Dawood, Chairman Southern Region Ibrahim Habib, senior officials of CDC and members of ABAD were present on this occasion.
Addressing the ceremony, Moin M Fudda congratulated ABAD for initiating such a gigantic work. He said that electronic registration of land documents will help abolish possibilities of fraud and corruption.
He said that this system will help not only to purchaser of property but will help grow national economy as it will abolish corruption being witnessed in offices of Registrars at present. He said that almost 60 percent of all cases in various courts are of fraud in lands.
He pointed out that every third person in Sindh is victim of land fraud and the new Electronic Registration System- Land Repository System will help remove any fraud.
Chairman ABAD Muhammad Hassan Bakshi said that ABAD is working for the legal and bona fide construction activities in Pakistan and some people are accusing that builders are cheating people but 98 percent of ABAD members are doing their legitimate business. He lamented that ABAD members are wrongly accused of illegal construction activities as more than 5000 buildings are being constructed illegally and without any approval of competent authority while all members of ABAD are getting approvals before starting construction of their buildings.
He said that Advisor to Sindh Chief Minister Murtaza Wahab has promised to land full support for the legislation of this new system.
Addressing the ceremony CEO CDC highlighted main points of Land Repository System. Zaigham Rizvi, Chairman Prime Minister’s Task Force for Housing also spoke on this occasion. Vice Chairman ABAD Abdul Kareem Adhia thanked all guests.