LAHORE, Oct 24: Punjab Cooperatives Minister Malik Muhammad Anwar has said investment in the housing sector has become safe after the amendments to the Punjab Cooperatives Act.

The minister said in a statement that all the affairs of the cooperative societies had been regulated through the amendments to the act. No developer could launch any housing scheme without a No Objection Certificate from the cooperatives department. The NOC was issued only in case the developer not only owned the land proposed to be utilised for the development of a housing scheme but also was in possession of it.

The housing societies had been bound to hold annual elections regularly and present audit reports for the approval of the members. It had also been made mandatory for them to ensure completion of development of housing schemes in accordance with the schedule. Heavy fines were to be imposed on the societies failing to complete the development works in time.

The officers of the cooperatives department were required to monitor the functioning of cooperative housing societies and take action on the complaints of the members.