Chairman for Interfaith Harmony and Tourism, Syed Sadat Hussain Shah, has stated that the government’s decision to reduce property transfer fees is a positive and timely step that will not only revive the real estate sector but also significantly increase government revenue. He expressed gratitude to the government and Chairman CDA, Sohail Ashraf, for reducing the property transfer fee from 3% to 1% after considering the market situation.
He also appreciated the efforts of President Islamabad Chamber, Sardar Tahir, General Secretary Islamabad Estate Agents Association, Zahid Rafiq, and their entire team for successfully advocating the reduction of what he termed an excessive increase. He noted that the property sector had been facing a slowdown in recent times, mainly due to heavy taxes and high transfer fees.
The reduction in fees, he said, will restore investor confidence and bring a noticeable increase in buying and selling activities. He further added that an increase in property transactions will ultimately result in higher overall government revenue, as the rise in the number of transactions will compensate for the lower fee rate and ensure increased income.