Taxrelief,IMFapproval—andthenext18monthsinPunjabplotprices.

The latest federal note alongside the IMF programme review carries three signals that matter for residential plot pricing in Punjab. None of them are headline policies. All three are the kind of quiet adjustments that move volume two quarters from now.

Signal one: provincial stamp duties on first-time transfers have been quietly held flat against last year, despite the broader fiscal tightening elsewhere in the bill. This is the third year of flat stamp duties — long enough now to read as a deliberate posture rather than an accident.

Signal two: the FBR valuation tables, which had been forecast to be revised upward in line with inflation, were not revised in this round. The cost of declaring property transactions at table value remains where it was. For investors who transact through declared channels — which is most of our overseas client base — this preserves the planning calculus.

Signal three: the IMF programme review explicitly listed real-estate transaction volume as a recovery indicator to be monitored, rather than as a structural drag. This is a material softening of language from the prior reviews and signals less pressure on Islamabad to introduce new transaction-side taxes in the coming cycle.

Taken together, the three signals point to steadier mid-cap residential plot prices through Q2 2026, with the upside scenario contingent on the metro corridors we wrote about last month. We would not bet the portfolio on it, but the asymmetry has improved.

As always, the right move for any individual client depends on the rest of the portfolio. Senior consultants are available for one-on-one modelling.