Capital cuts property transfer fees

ISLAMABAD:

The Capital Development Authority (CDA) has approved a reduction in property transfer fees in a move aimed at stimulating investment and supporting the real estate sector in the federal capital.

The decision was taken at the third CDA Board meeting held on Thursday at CDA Headquarters, chaired by Sohail Ashraf, Chairman CDA and Chief Commissioner Islamabad. The meeting was attended by senior officials, including board members and Muhammad Ali.

Under the new measure, the existing property transfer fee has been reduced from 3 per cent. Officials said the move is expected to encourage investment activity and provide direct relief to citizens engaged in buying and selling property.

Ashraf emphasised that, rather than increasing property taxes in Islamabad, efforts should focus on broadening the tax base.

The board also approved the award of a contract to hire creative consultants, described as a "city curator", to help transform Islamabad into a cultural and tourism hub.

Officials confirmed that all procurement and legal requirements for the appointment had been completed.

Ashraf said the initiative would mark a significant step towards enhancing the capital's cultural and tourism sectors, adding that the consultants would play a key role in improving landscaping, parks and green belts, and in making Islamabad a more modern, vibrant and attractive city.