Chief Minister Punjab Pervaiz Elahi signed a bill fixing the property transfer rate at 1% of the total value of the property. This new rate will be applied to all property-related transactions including commercial spaces across the province.

Lahore: Punjab Chief Minister (CM) Pervaiz Elahi on Thursday (September 15) signed the bill fixing the property transfer rate at 1% of the total value of the property, news sources reported. The sole reason behind lowering transfer rates is to encourage the real estate industry and expand real estate activities across the province, producing more employment.

This decision is made to bring relief to the masses in property-related concerns and promote the housing sector.

This tax was determined on a rolling basis with the government charging active taxpayers up to 1% and non-tax filers 2%.