Rawalpindi: Following the Government of Punjab’s announcement of a reduction in Stamp Duty from 5% of the value of a property to 1%, the property transfer and registration volumes for the city registered a significant decline in anticipation of this development; slated to go into effect on July 1 – a news source reported.
According to details, registration levels have dropped in almost all the urban, cantonment and suburban areas of the city; with the report noting that no applications had been processed in the last week. The government’s reduction will allow citizens to save tens of thousands of rupees in stamp duty for the registration of their properties.
Speaking to the media on the matter, Stamp Selling Union District Kachehri President Malik Waheed Awan said that this ‘huge reduction in Stamp Duty’ was ‘unprecedented’; meaning that in the case of commercial properties, people would now be able to save hundreds of thousands of rupees in registration fees, and tens of thousands in the case of residential.
