Pindi probes 'revenue loss' in property deals

The concerned authorities in Rawalpindi have launched an inquiry regarding registrations of properties at the lowest values and as a result decline in government revenues in the first six months of the financial year for 2024-25.

Following heavy taxes imposed on properties, citizens and dealers resorted to showing the lowest possible values for properties to minimise registration costs, resulting in the lowest recorded revenue collection from property registrations.

As a result, the entire property registration system in the Rawalpindi division and throughout Punjab has come to a halt.

The government is facing daily losses of millions of rupees due to the suspension of registrations. Property dealers and overseas Pakistanis, who came to Pakistan for property transactions, are also facing difficulties.

In July 2024, the Punjab government increased property registration rates and power of attorney fees by up to 100% which prompted dealers and consumers to underreport property values, leading to a record 80% decline in government revenues and a deficit in the first six months of the current financial year.

The division's revenue on account of registration taxes, fees, and stamp duties was reduced to 20%.