NEWS

Increase in property tax by FBR

The Federal Bureau of Revenue has increased property valuation rates on Tuesday to bring them in line with advertise esteem rates. The modification of rates will influence the charge on offering or buying property. The property will presently be esteemed at the next cost presently, which suggests the sum of assess paid to the FBR will too increase. The FBR had been in talks with genuine domain operators to change the valuation rates since the government was not receiving enough tax. There are two sorts of charges we have to be pay on property; government and common, which are assist separated into more categories. Federal charge incorporates capital picks up assess (1% charged on offering property) and progress charge (1% charge charged on buying property, 2% for non-filers). Provincial assess comprises of capital esteem charge (1% charged on acquiring), enlistment charge (1% on buying) and stamp obligation (0.5% on buying). These charges are charged on the least property esteem rate, which has been set by the FBR. The valuation rates vary from region to range

Bahria town transfer procedure and the documents required for the transfer

Documents Required

• Original Allotment Letter
• Two passport size photos of buyer
• CNIC Copies of both seller & buyer (originals need to be carried along)
• NDC (No Demand Certificate)
• Bank Receipt of Transfer Fee (given by Buyer)
• Transfer Procedure of Plots and Houses in Bahria Town
• Transfer Fee Bank slip of UBL at Bahria Head Office Bahria Town Rawalpindi Phase 8
• Bank Receipt of any outstanding charges (given by Seller)
• Pay Order/ Demand Draft of balance amount

Transfer Papers Set (prepared by Seller through his estate agent from some Stamp Seller). This includes Sale Deed, Undertaking, Membership Form etc; readymade templates are available which are just filled with necessary details by Stamp Seller.

Transfer Procedure

A Sale Agreement is signed between Buyer & Seller (normally in the presence of estate agents who brokered deal,) when plot is bought. Sale Agreement outlines total sale price, Biyana (Advance Payment) and the balance amount. Also specifies date by which plot is to be transferred. Seller applies the NDC a day or two before the transfer date in Bahria Customer Support Center, known as Bahria Head Office (located in Safari Valley, Phase 8) It took 24 hours for the issuance of NDC. The transfer fee & any overdue charges against the property is Written on NDC.

• NDC is applied on a simple form (available in Customer Support Center) on which property particulars like no, phase, and registration no is written.
• NDC for Transfer Procedure in Bahria Town
• NDC is applied by the owner at least 24 hours before Transfer
• Seller signs the NDC and attaches copies of his CNIC and allotment letter and submits.
• NDC once issued is valid for 15 days.

It is the sole responsibility of seller to timely apply for the NDC and collect it before transfer date.

• Transfer Set is prepared within a day or two before transfer date by the seller or his estate agent which normally costs Rs 500 to 800. Also, Pay Order for the balance amount is prepared by the buyer a day or two before the transfer date.
• On the day of transfer, both the parties reach Bahria Head Office. Buyer pays the transfer fee on UBL counter while seller pays for overdue charges, if any. Token is then taken from machine and wait for their turn. At this stage both seller & buyer and two witnesses sign on transfer papers and Pay Order is given to the seller.

Note: The only difference in case of a house, apartment and shop transfer is that Seller also has to produce Clearance Certificate from Bahria Services which specifies that the latest electricity, gas and maintenance bills have been paid.