Rawalpindi: Real estate stakeholders within the city currently await the official notification regarding a reduction in Capital Value Tax (CVT) and Stamp Duty rates recently announced by the Punjab government as a part of its incentives package to facilitate the construction industry – because of which property transfers have mostly been put on hold in Rawalpindi and other provincial urban centers, a news source reported.
The government had announced a reduction of CVT and Stamp Duty down from 6% to 2%. The idea is to allow the businesses to recover rapidly in the wake of the economic slowdown caused by the lockdown measures. However, according to the realtors, the registration offices have also been closed due to the lockdown which has meant that property transfers are not being registered.
The real estate stakeholders have called for an immediate opening of the transfer registration offices and the issuance of notification so that the realtors could fully benefit from the announcements.