Islamabad: The Federal Board of Revenue (FBR) on Wednesday (December 1) has revised the valuation rates upwards for the immovable properties in 40 cities including residential, commercial, flats, and apartments, according to news sources.
Previously, the FBR fixed the immovable property rates of 20 cities; however, the number has increased to 40 major cities with an increase in the areas as well. Due to this revision, the valuation tables have will also enable the board to collect more taxes from the property sector. The FBR increased valuation rates for the following cities:
The following are the valuation rates for Islamabad:
Area
Valuation Rate per square yard (PKR)
E-7
250,000
F-6
200,000
F-7
350,000
E-11
110,000
B-17
55,000
D-12
100,000
F-8
200,000
G-11
150,000
Faisal Town
55,000
Mumtaz City
39,735
Bahria Town
49,668
Bani Gala
36,363
As per the details, the valuation rates of immovable properties (flats and apartments) in E-7 was fixed at PKR 251,500 per square foot. For commercial property, the valuation of shops in the Blue Area was fixed at PKR 680,420 per square foot while shops on the first floor were fixed at PKR 168,856 per square foot.
Moreover, in Karachi, the value of a residential building having more than one storey will be increased by 25% for an additional storey (other than the ground floor). As far as Rawalpindi is concerned, the valuation rates of immovable property are fixed depending on off-road or on-road locations. The valuation rates have increased by 200% to 400% in some instances.
In the DHA phases, the valuation rates have increased sharply. According to the President of the Real Estate Consultants Association (RECA) Ahsan Malik, the FBR has revised valuation rates without taking stakeholders into account.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
