The Punjab government has approved a major reduction in stamp duty, lowering the rate from 3 percent to 1 percent in a move aimed at providing relief to property owners across the province.
The decision was taken during a meeting of the Punjab Assembly Standing Committee on Revenue chaired by Muhammad Ahmed Khan Leghari, where amendments to the Stamp Ordinance were approved.
Under the new proposal, stamp duty will now be set at a uniform 1 percent rate for both urban and rural areas. Previously, the rate was 1 percent in urban areas and 3 percent in rural areas.
Officials say the change will remove disparities between regions and make property transactions simpler and more affordable.
The approved ordinance also includes plans to add the concept of a “transferable contract” through necessary legal amendments.
The Governor of Punjab had already approved the amendment ordinance on April 10. Authorities say the main goal of the reform is to create a transparent, simplified, and uniform stamp duty system throughout Punjab.
Following the committee’s report, the ordinance will be presented in the Punjab Assembly for final approval.
The move is expected to support the real estate sector and significantly lower property transfer costs for ordinary buyers and sellers.
