According to latest news, on July 21, 2020, Deputy Commissioner of Rawalpindi, Captain (r) Anwaar ul Haq has approved increment in the Deputy Collector’s (DC) rate of permanent properties. This will be implemented in the whole Rawalpindi Division applicable in all parts of the district. The new rate of property for the purpose of tax collection is now increased by 10 percent in the Rawalpindi region. The new DC prices must be applied immediately.
The increase in DC rate also upsurge rates and expenditures that are needed to enroll residential and commercial properties and prices of stamp papers has also increased which are needed to enroll those property items.
The DC prices are also increased in other different areas of Punjab. It’s pertinent to mention that the Punjab government, in Budget 2020-21, had declared to postpone program of possessions valuation tables throughout the continuing year.
Due to these announcements, the Real Estate Consultants Association (RECA) requested the prime minister Imran Khan and Punjab Chief Minister (CM) Sardar Usman Buzdar to organize a close-door meeting with the association’s group so that they can solve the glitches in properties’ market price which rises due to increasing in DC rate.
As prime minister had announced relief in property prices and several relaxations in taxes of real estate industry in the Budget 2020-2021 and given announced of DC will badly affect these reforms of prime minister.
Some other sources added that the property holders in Rawalpindi also need to attach the new stamp papers while submitting their applications for buying or selling of property, who previously had attained stamp papers at the old rate.