Islamabad: Welcoming CDA’s decision to reduce the property transfer fee from 3 percent to 1 percent, Secretary General of the United Business Group (UBG) Zafar Bakhtawari said that this was a long-standing and important demand of the citizens, traders and business community of Islamabad and by fulfilling it, CDA has taken a wise and people-friendly step, says a press release.
He said that Chairman CDA Sohail Ashraf deserves appreciation for demonstrating seriousness and practical vision by understanding public concerns and responding to them in a timely manner.
Bakhtawari stated that in the past, the high transfer fee had slowed down the process of property transfers and had badly affected sale and purchase activity. However, with this reduction, business activity will increase, public confidence will be restored, and the real estate sector along with its allied industries will regain momentum.
He added that this decision would also increase CDA’s revenue, as the lower rate would encourage more legal transactions and property transfers. He further said that this initiative has projected a positive image of the new CDA leadership and has sent a clear message to the people of Islamabad that Chairman CDA Sohail Ashraf is serious about resolving public issues and fully understands the importance of business growth and economic activity.
He also congratulated the CDA Board on this excellent decision and expressed hope that such people-friendly measures would continue in the future. The businessman also called for a reduction in the high tax rates imposed on the business community.
