Lahore: Punjab Chief Minister (CM) Pervaiz Elahi on Thursday (September 15) signed the bill fixing the property transfer rate at 1% of the total value of the property, news sources reported.
The new property transfer rate will apply to all property-related transactions, including commercial assets, across the province. According to a statement issued by the CM Office, the principal objective for lowering and regularising transfer rates is to encourage the real estate industry and expand building activity, producing more employment.
Furthermore, it was said that the new policy is intended to bring relief to the masses in property-related concerns and is in line with the government’s vision of promoting the housing sector.
It is worth noting that the property transfer rate previously varied across cities in Punjab and property types. The tax was determined on a rolling basis, with the government charging active taxpayers up to 1% and non-tax filers 2%.