News sources say that Punjab Chief Minister (CM) Pervaiz Elahi signed a bill on Thursday, September 15, that sets the property transfer rate at 1% of the total value of the property.
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The new property transfer rate will be used for all property transactions in the province, including those involving commercial assets. A statement from the CM Office says that the main goal of lowering and standardizing transfer rates is to boost the real estate industry and increase building activity, which will create more jobs.
Also, it was said that the new policy is meant to help a lot of people with their property problems and is in line with the government’s plan to improve the housing market.
Before, the rate of property transfers in Punjab was different in different cities and for different types of property. The government charged active taxpayers up to 1% of the tax and people who didn’t file taxes 2%.