Islamabad: The Federal Board of Revenue (FBR) has introduced six new notifications regarding property revaluation, according to a news source. It is expected that following this, property prices will significantly reduce. This has come as a revision of 2016 policy introduced by Finance Minister Ishaq Dar.
In the last couple of months property prices increased by 25-30%, however, these new measures will significantly decrease property prices in Lahore, Karachi, Islamabad, Faisalabad, Rawalpindi and Peshawar.
Prices in Lahore’s seven different locations have been extensively revised. A dip of about 4.3-51.5% is expected. In EME Society and Allama Iqbal Town the rate per marla is predicted to stand at PKR 562,500, after a cut of 32.8%. In Gujjar Pura China Scheme and Shalimar Town, the rate per marla is expected to go down by 51.5% and will stand at PKR 363,000.
Karachi’s property value for DHA will decrease by 17.5% and will then stand at PKR 7,500 per square yard. 20% cut in prices is predicted for industrial plots, the price of which then stand at PKR 9,603 per square yard. Prices of industrial built-up parks will stand at PKR 1,905 square yard after receiving a cut of 36.5%.
In Islamabad, it is expected that property prices will fall by 14% in residential areas and stand at PKR 15,309/square yard. For Sectors I-15 and I-16, the prices are expected to decrease by 54.5% and 36.2%, respectively.
Overall, in deluxe areas of Rawalpindi such as DHA and Bahria Town, prices are expected to dip by 57.2%. DHA Phase I will see a cut of 39% and stand at PKR 335,000 per marla, DHA Phase II will witness a decrease of 37.5% and per marla cost will come at PKR 255,000. DHA Phase II extension rates can come down to PKR 95,000 per marla as the prices are to dip by 45.7%, whereas DHA Phase III will see a decrease of 40% and the prices will come to about PKR 90,000. A marla in DHA IV is now expected to stand at PKR 110,000 after a decrease of 51.55%.
Rates in Bahria Town’s Phase I are to stand at PKR 280,000 per marla after a dip of 25.33%. Phase I extension prices per marla will stand at PKR 165,000 after a decrease of 56%, whereas Phase II’s per marla cost will stand at PKR 160,000 after a 54.2% decrease. Phase II extension, on the other hand, will experience a dip of 57.2% and the prices will then stand at PKR 150,000-PKR 200,000. Executive Meadows Phase III, however, will be at PKR 270,000 per marla after the projected decrease of 55%.
