On Friday, Punjab’s Chief Minister Chaudhry Pervaiz Elahi consented to reduce the property transfer fee to 1%.
Details indicate that CM Punjab presided over a high-level meeting on Friday and approved lowering the property transfer cost to 1%. Principal Secretary to the Chief Minister and Senior Member of the Board of Revenue Zahid Akhtar Zaman attended the meeting.
According to the CM, lowering the property transfer tax to 1% would result in an increase in revenue for the province government. According to him, registries will increase after the property fee reduction.
The Capital Development Authority made the decision to introduce a biometric system for the purchasing, selling, and transfer of property earlier on June 29.
A biometric system will be utilised to buy, sell, and transfer any property in the capital territory, according to information provided by the CDA and the National Database and Registration Authority (NADRA).
