CDA reduces property transfer fee in Islamabad

ISLAMABAD: The Capital Development Authority (CDA) has approved a cut in property transfer fees in Islamabad, a step officials said is intended to support the real estate market and encourage investment in the federal capital.

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

Under the revised measure, the existing property transfer fee has been reduced from 3 per cent. According to officials, the move is expected to boost investment activity and provide direct relief to people involved in the purchase and sale of property.

During the meeting, Ashraf said the focus in Islamabad should be on expanding the tax net rather than raising property taxes. His remarks came as the board considered measures linked to the property sector in the capital.

The board also approved the award of a contract for the hiring of creative consultants, described as a city curator, for an initiative aimed at helping turn Islamabad into a cultural and tourism centre. Officials said all legal and procurement requirements related to the appointment had already been completed.

Ashraf said the initiative would represent an important move for the promotion of the capital’s cultural and tourism sectors. He added that the consultants would have a central role in improving landscaping, parks and green belts, while also contributing to efforts to make Islamabad a more modern, lively and appealing city.

The decisions taken at the board meeting combine measures related to both economic activity and urban development. On the one hand, the reduction in transfer fees is aimed at easing the cost burden on property transactions. On the other, the approval of the city curator contract is linked to broader plans for the capital’s appearance and public spaces.

Officials said the reduction in transfer charges is expected to benefit citizens directly by lowering costs associated with buying and selling property. They also said the move is part of an effort to stimulate investment in Islamabad’s real estate sector.

At the same time, the city curator initiative is intended to support work on public spaces and strengthen Islamabad’s profile as a destination for culture and tourism, according to the CDA leadership.