Rawalpindi: The property registration offices in the city were recently reopened after a closure of 35 days due to the corona virus lock down — a news source reported. These include the urban registrars, the Cantt registrar, and the tehsil offices.
In addition, the reopening of offices has also resulted in the resumption of the city’s property business — with properties now being sold, purchased, and registered.
Previously, the federal and the provincial governments had announced a number of measures to boost the construction and real estate sectors. In this regard, the Punjab government had decided to reduce the capital value tax and stamp duty from 6% to 2% for both commercial and residential properties.
Experts believe this is one of the major reasons why the real estate and construction sectors will emerge as major investment avenues during the coming year. It is also part of the reason why stakeholders had been demanding the reopening of government offices; so that real estate activities could resume once again.