ISLAMABAD: The Capital Development Authority board, chaired by Sohail Ashraf, approved a major reduction in property transfer fees, aiming to stimulate investment and revive the real estate sector in the federal capital.
During its third board meeting held at CDA headquarters, the authority decided to reduce the transfer fee from 3 percent, a move expected to ease transactions and attract new buyers and investors. Officials said the decision will directly benefit citizens while encouraging growth in housing and property markets.
Sohail Ashraf emphasised that instead of increasing tax rates, the focus should be on expanding the tax base in Islamabad. He noted that broadening the base would ensure sustainable revenue generation without burdening existing taxpayers.
The board also approved hiring a creative consultant to transform Islamabad into a cultural and tourism hub. The consultant will focus on improving urban aesthetics, enhancing parks and green belts, and promoting a modern and vibrant city identity.
In addition, discussions were held on outsourcing solid waste management under two major packages. However, based on recommendations from relevant committees, the current procurement process was scrapped, with a decision to reassess successful models from other cities before restarting the process.
The chairman stated that a more efficient and sustainable waste management system will be introduced after careful evaluation. Officials said these decisions reflect a broader strategy to modernise Islamabad’s infrastructure while boosting investment, tourism and urban development.
