Pindi to revise property valuation rates

RAWALPINDI:

The district administration of Rawalpindi has decided to increase Deputy Commissioner (DC) property rates by 15% across all commercial and residential areas, including both upscale and older localities. The revised rates will come into effect from July 1.

This increase is expected to significantly raise the official valuation (registry price) of all types of properties. Notably, the DC rates for posh and commercial zones will see a steeper rise, while even underdeveloped and historic neighbourhoods will face revised, higher rates.

As a result of this decision, there has been a surge in property sale registrations ahead of the new fiscal year. Property dealers are rushing to complete transactions before the new rates are implemented.

According to the Property Registrar Office, only those transactions for which sale statements are completed by June 30 will be registered at the current DC rates. Any transactions incomplete by that date will be subject to the revised rates, and additional stamp papers must be submitted for registries already in process.

If the upcoming Punjab provincial budget, to be presented on Saturday, June 14, includes changes to stamp duty or other property-related taxes, those will also apply to pending property registries from July 1 onward.