Khyber Pakhtunkhwa (KP) government has abolished the mandatory 0.5% fee to register the sale and purchase of land and property.
According to the official notification, KP’s Revenue Department has immediately withdrawn the fee imposed on registering land transactions with the department.
The provincial government has taken this decision to attract investment in the local construction sector that has struggled in recent times.
Previously, the KP government had amended laws to fast track the process of obtaining building approvals, buying and selling property, and completing other necessary procedures.
Earlier this week, the Punjab government unveiled a relief package for the construction industry.
Under the package, the provincial government has fixed a timeframe for the issuance of NOCs and introduced one window operation at e-Khidmat centers at all divisional headquarters.
Recently, Pakistan’s top builders called on Prime Minister Imran Khan and expressed satisfaction over the measures taken by the premier to revive the construction sector in Pakistan.
During the meeting, more than a dozen builders shared their plans to launch different projects before the end of 2020. It is expected that the projects will generate Rs. 1.3 trillion in revenue and 100,000 housing units.
PM Imran revealed that the government is soon going to launch an online application, a tracking and monitoring system, and one-window facilitation centers to provide further assistance to the construction industry.