ISLAMABAD ( WNAM REPORT ): Chaudhry Zahid Rafiq, General Secretary of the Islamabad Estate Agents Association, has welcomed the government’s decision to reduce property transfer fees, terming it a positive development for the real estate sector. He said that this step will not only accelerate the buying and selling of property but will also significantly increase the trend of investment.
He added that they are grateful to the government and Chairman CDA, Sohail Ashraf, for this decision. He noted that the Islamabad Estate Agents Association had launched a strong campaign from its platform against the excessive increase and continued its struggle until the rollback of what they termed unjustified charges for the real estate community.
He further said that heavy property transfer fees of up to 3 percent had become a major hurdle for investors, which have now been reduced to 1 percent. This reduction will help restore confidence in the market. He emphasized that the decision will also improve government revenue as more transactions will be officially registered.
He urged the government to further improve the property sector by simplifying and making the tax system more transparent, and to reduce other related charges so that property transactions can be carried out more easily.
