Rawalpindi: Property transaction volumes in the city have spiked following Prime Minister (PM) Imran Khan’s recent announcement regarding the government’s construction sector incentive package that has led to the reopening of real estate offices across the city — a news source reported. At the same time, the prices of construction materials have also risen.
According to the details available, the city’s property business has seen relatively low property transaction volumes for the past two years due to the high taxes imposed by the government. However, reduction (and in some cases suspension) of certain taxes — along with other additional incentives offered under the PM’s construction package — has meant that the property market is expected to witness significantly more activity than it has over the past few years.
Reportedly, the reduction in Stamp Duty from 5% to 1% has had a particular impact on the resurgence of the city’s property sector.
At the same time, according to sources, the prices of construction material have risen as well — with the price of cement rising from PKR 485 per bag to PKR 525 per bag. The rates for bricks have also risen to PKR 11,500, while the rates for rebar increased to PKR 105,000 per ton.
