Islamabad: The property registration and transfer offices in Islamabad and Rawalpindi are witnessing a rise in property transaction volume, a news source reported. This has been attributed to the fact that new valuation tables will be applicable from July 1 onwards, so people wanted to close their transactions at lower tax rates before then.
The proposed valuation tables regarding immovable properties will be applicable in 18 cities from July 1, 2019, with updated policies for collecting Withholding Tax and Capital Gains Tax.
In addition, the new property tax mechanism shared in the Finance Bill 2019-20 will also be in effect from the start of the fiscal year 2019-20.
The rise in property transfer and registration has been witnessed since June 27) by the Tehsildar, Naib Tehsildar and Circle Revenue Offices in Islamabad and Rawalpindi. Most of these property transfers were transfers within family members.