The Chief Minister of Punjab Pervaiz Elahi has revised the tax duty on stamps. The tax duty of stamps refers to the fixed amount that is to be deposited when the land or property is transferred. Recently, Chief Minister of Punjab Pervaiz Elahi has fixed the stamp duty percentage to 1% only whereas previously it was 3% stamp duty in the urban areas and 2% in rural areas. But with the passing of the new policy by Chief Minister of Punjab Pervaiz Elahi the stamp duty is fixed at 1% only. For instance, if you purchase a property worth 1,00,00,000 (1 crore) then the stamp duty tax to be paid for the transfer will be Rs. 1,00,000 (1 lac) only whereas it varied in the past. Indeed it is a major initiative initiated by the Chief Minister of Punjab Pervaiz Elahi, which will give a boost to the real estate sector as transactions in the sector will increase. The agenda behind the reduction in stamp duty was the increase in the revenue which is the utmost necessity of the contemporary crippling economy of Pakistan as more people will incline towards real estate again. But the reduction in stamp duty alone won’t be good enough because the value of the land itself has risen to peaks
Margalla Avenue Islamabad also known as Islamabad Margalla Highway is a 33 km road project. Islamabad Margalla road is one of the projects of the Capital Development Authority commonly known as CDA. Margalla Avenue Islamabad was initiated to lessen the snarling up of the traffic at the GT Road while connecting it to KPK and other nearby localities. Initially, Islamabad Margalla Highway was initiated in 2006 but since then the project has faced many delays and setbacks and is still under construction. Later, in 2012 the project was approved and the contractors initiated the building of a 33 km road. The CDA gave the tender to Frontier Work Organisation (FWO). And now a swift construction of Margalla Avenue Islamabad is observed as the issue of the graveyard near Shah Allah Ditta is resolved as the route of Islamabad Margalla Highway is realigned towards the southern side.
The purpose of Margalla Avenue Islamabad is to reduce the traffic load. The road starts from G.T. Road at Sangjani. The Islamabad Margalla Highway will connect Sector B-17 to Sector E of Islamabad. Moreover, the new Margalla Avenue project will also connect the new under-development sectors of C13 to C16, Margalla Avenue project is also said to be Islamabad’s Master Plan. Phase 1 of Margalla is completed and it connects the route from GT Road to the D12 Sector of the Capital.
Despite all the troubles and delays the Margalla Avenue Islamabad has faced, the completion of Islamabad Margalla Highway will have the way to more new ventures in the real estate sector.