Absence of clear instructions regarding valuation of property has caused falling property registration into abeyance. Expressing concern over non-issuance of clear instructions regarding valuation of property, Arif Jewa, acting chairman Association of Builders and Developers of Pakistan (ABAD) said that the clear instructions regarding valuation of property, final tax regime (FTR), capital gain tax (CGT), advance income tax and tax adjustment should be issued to resume property registration.
He said that presently the process of registration and transfer of properties, sale deeds etc almost came to halt, due to said reason; adding that only 20 percent transactions were now being carried out by the registration officers concerned on adjourned basis across the country.
He urged both federal and provincial governments to issue clear instruction regarding property valuation to facilitate the stakeholders. Moreover, he said that the government should take immediate step to educate registration officers regarding property valuation and taxes to enable the builders and developers to start construction projects, which remained halted due to non-registration of properties.
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