Punjab to reduce commercialization fee of residential properties

By: News Desk      Published: 07:54 PM, 26 Nov, 2021
Punjab to reduce commercialization fee of residential properties

The Punjab government Friday decided to reduce fees charged for the commercialization of the residential land.

According to the 24News HD TV channel, the Punjab Local Government Department will amend the Land Use Rules under the new local government system.

As per the report, under the new rules, there will be a significant reduction in land transfer fees and it will also facilitate the transfer of residential land to commercial and agricultural land to housing.

The fee for commercialization of residential land will be 5 per cent instead of 10 per cent while only one per cent fee will be charged for conversion of agricultural land into housing instead of the existing fee of 2 per cent.

After the approval of the Cabinet, the new Land Use Rules will be implemented across Punjab including Lahore.

The Standing Cabinet Committee on Law sent the recommendations of the Local Government Department to the Cabinet for final approval.