The Capital Development Authority (CDA) has decided to reduce property transfer fees further lowering it from the existing 3 percent.
The move aims at promoting investment and providing relief to citizens in the federal capital. The decision was taken during the 3rd CDA Board meeting held on Thursday at CDA Headquarters. Chairman CDA and Chief Commissioner Islamabad, Sohail Ashraf chaired the meeting that was attended by senior officials including Member Administration Esfandyar Baloch, Member Estate Zaman Wattoo, Member Environment Abdullah Khurram Niazi, Member Finance, Planning and Design Muhammad Umair, Member Engineering Syed Nafasat Raza, and Vice Chancellor of Punjab University Professor Dr. Muhammad Ali.
During the meeting, the board approved a significant reduction in the transfer fee charged on property transactions, lowering it from the existing 3 percent. The move is expected to stimulate investment in Islamabad’s real estate sector and facilitate buyers and sellers by reducing transaction costs. Speaking on the occasion, Chairman CDA Sohail Ashraf emphasized that instead of increasing property taxes in the federal capital, efforts should be directed towards broadening the tax base. He noted that the reduction in transfer fees would provide direct relief to citizens and contribute to growth in the housing sector. The board also approved the hiring of Creative Consultants, designated as a “City Curator,” to help transform Islamabad into a cultural and tourism hub. Officials informed the meeting that all legal and procurement requirements for the hiring process had been fulfilled.
