The Capital Development Authority (CDA) has approved a decrease in property transfer tax, a strategic initiative designed to foster investment in the real estate sector within the federal capital.
This decision was made during the third CDA Board meeting convened on Thursday at the CDA Headquarters, presided over by the Chairman of CDA and Chief Commissioner of Islamabad, Sohail Ashraf.
The meeting saw the participation of senior officials, including board members and Muhammad Ali.
Previously, the fee was established at 3 percent of the property’s value as per the notification from the Federal Board of Revenue (FBR), but it has now been reduced to only 1 percent.
Officials indicated that this initiative is expected to boost investment activities and offer direct relief to individuals involved in property transactions.
CDA Chairman, Ashraf stated that, instead of raising property tax in Islamabad, the focus should be on expanding the tax base.
Additionally, the board sanctioned the awarding of a contract to engage creative consultants, referred to as a “city curator,” to assist in transforming Islamabad into a cultural and tourism center.
Officials verified that all procurement and legal prerequisites for the appointment have been fulfilled.
CDA allowed to carry out operations in model villages
Earlier, the Islamabad High Court (IHC) permitted the Capital Development Authority (CDA) to conduct operations in model villages while overturning the ruling of a single member bench.
A division bench, which included Chief Justice Sarfaraz Dogar and Justice Muhammad Asif, suspended a previous order made by Justice Mohsin Akhtar Kayani that had imposed restrictions on such activities.
Read more: IHC allows CDA to conduct operations in model villages
