Islamabad: Following widespread concerns from the business and real estate sectors, the Capital Development Authority (CDA) has formed a committee to review its recent decision to triple the property transfer fee within Islamabad’s jurisdiction.
The decision to constitute the committee came on the directives of CDA Chairman, who responded to objections raised by the Islamabad Chamber of Commerce and Industry (ICCI) and other stakeholders. The revised fee — increased from 1% to 3% of the property value — had sparked criticism, particularly from real estate professionals who warned it could further strain an already struggling market.
The seven-member committee will be headed by Member Finance CDA, Tahir Naeem Akhtar. Other members include Director General Law Muhammad Naeem Dar, Director General Building Control Faisal Naeem Beg, and ICCI representatives including President Nasir Mansoor Qureshi, Senior Vice President Abdul Rahman Siddiqui, Vice President Nasir Mehmood Chaudhry, and Convener Muhammad Ishaq Sial.
The committee has been tasked with reviewing the newly notified transfer regime, identifying challenges faced by stakeholders, and recommending possible amendments or streamlined mechanisms. It will also explore alternate revenue options for the CDA, including adjustments to property tax rates based on current market valuations and other potential fee revisions.
According to the CDA’s notification, the committee will hold structured discussions with the ICCI and broader business community, and is expected to submit its report to the CDA chairman within five days.
Sources suggest that both sides may agree on a compromise, possibly setting the transfer fee at 2%. The real estate sector has argued that a steep hike in transfer fees could worsen the current market downturn and discourage transactions.
The CDA’s move to initiate dialogue has been welcomed by stakeholders, who see it as a positive step toward resolving policy issues through collaboration.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
