Lahore: The City District Administration has ordered real estate builders, developers and owner of housing schemes to immediately stop internal transfer of immovable property assets, reported a news source. Lahore Deputy Commissioner Capt. (R) Anwar-ul-Haq instructed the sub-registrar to formally notify the developers.
Internal property transfer, also referred to as illegal property transfer by the news source, is in violation of Finance Act 2018. The law empowers the sub-registrar to seal a housing society if its developer is involved in internal property transfer without paying due taxes to the government, such as stamp duty.
To further ensure that the management of private housing societies follow the new order, it has be made mandatory for the societies to share concerned records with the sub-registrar. Haq has also instructed that legal actions against those involved in breeching the law must be carried out.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
