Chief Minister Punjab Chaudhry Pervaiz Elahi on Friday consented to reduce the property transfer fee to 1%.
According to details, CM Punjab Chaired a high-level session on Friday and sanctioned reducing the property transfer fee to 1%. Senior Member Board of Revenue Zahid Akhtar Zaman, Principle Secretary to the Chief Minister participated in the session.
The CM approved reducing the property transfer fee to 1% claiming the decision would result in increasing the revenue of the provincial government. Registries would spike following the property fee drop, he added.
Earlier on June 29, the Capital Development Authority decided to launch a biometric system for the buying, selling and transfer of property.
According to details, CDA has collaborated with National Database and Registration Authority (NADRA) to launch a biometric system, which will be used for the buying, selling and transfer of any property in the capital territory.