Prices of Properties Have Increased in Rawalpindi
The Deputy Commissioner of Rawalpindi, Captain (R) Muhammad Anwar ul Haq, reportedly approved an increase in the Deputy Collector’s (DC) rate of permanent properties on July, 2023. This will be put into effect throughout the whole Rawalpindi Division and apply to the entire district. In the Rawalpindi region, the new rate of property for tax collection has been raised by 10%. The new DC prices need to be used right away.
The price of stamp papers, which are required to enroll certain property items, has increased along with the DC rate hike, which also increased the rates and expenses required to enroll residential and commercial properties.
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Other districts of Punjab have also seen a surge in DC prices. It’s important to note that the Punjab government said in Budget 2023 that the programme of property assessment tables would be delayed for the duration of the next year.
Due to these announcements, the Real Estate Consultants Association (RECA) asked the Punjab Chief Minister (CM), , and Prime Minister to arrange a private meeting with the association’s group in order to address issues with the market price of properties, which is rising due to an increase in the DC rate.
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As the prime minister announced a reduction in property prices and various tax breaks for the real estate sector in the Budget 2023, the DC announcement will negatively impact these measures.
Other sources further stated that property owners in Rawalpindi who had already purchased stamp papers at the previous rate must also attach the new stamp papers when completing their applications for the purchase or sale of property.
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