FBR revises down valuation rates of immovable property

Islamabad: The Federal Board of Revenue on Thursday (March 3) revised the valuation rates for immovable properties downwards in 40 major cities against the rates notified in December last year, according to media reports.

Read: FBR revises up immovable properties’ valuation rates in 40 cities

As per the details, in Islamabad, the new valuation rates are as follows:

Moreover, the value of residential and commercial superstructure will be:

• PKR 2,000 per sq. ft in case the superstructure is up to 5 years old or
• PKR 1,000 per sq. ft if the superstructure is more than 5 years old

Read: FBR revises valuations rates for immovable property in Karachi

As far as rates Islamabad’s commercial areas are concerned, for shops in Blue Area on Jinnah Avenue had the rate fixed at PKR 48,611 per sq. yd while for the shops on Fazl-e-Haq Road, the rate was set at PKR 45,139 per sq. yd. For shops in Aabpara Market, the rate was PKR 30,556 per sq. yd and for shops on the ground floor in Melody Market, the rate was fixed at PKR 30,556 per sq. yd.

The following are the valuation rates for Rawalpindi:

The valuation rates for Gwadar are as follows:

Read: FBR hikes up valuation rates of immovable properties in Lahore

It is pertinent to note that in February the board decided to extend the deadline till March 1 to implement the valuation rates of commercial and residential immovable properties in 40 cities in a bid to fix fair market valuation of properties.