Recently, the Punjab government had announced that it would decrease the Capital Value Tax (CVT) and Stamp Duties on property transfers from 6% to 2%. However, no official notification has been issued so far.
As a result, the Rawalpindi property transfers have been put on hold. The idea of the tax reduction was to facilitate businesses for overcoming the financial challenges during the ongoing pandemic. However, due to the lockdown, the registration offices are also closed. This is another reason for Rawalpindi property transfers being on hold for now.
As of now, all real estate stakeholders in the city have demanded for opening the registration offices and issuance of the official notification for reduction in taxes and duties. Once these offices reopen and the notification comes through, it can be hopefully anticipated that the Rawalpindi property transfers would become active again – if not at the same pace as before the lockdown.
Similar situation has been seen in other cities of Punjab as well.