Property valuation table for real estate in Karachi – Part II

Exercising the powers granted by the Income Tax Ordinance 2001 section 68’s sub-section 4, the Federal Board of Revenue has issued a notification sharing details on the fair market value of immovable property from 21 cities of Pakistan. Per the notification issued by the FBR, the valuation rates come into effect from July 31^st, 2016.

To assess the fair market value of real estate in Karachi, FBR divided property into 7 different types:

1. Residential open plot
2. Residential built up property
3. Commercial open plot
4. Commercial built up property
5. Industrial open plot
6. Industrial built up property
7. Flats

Furthermore, the FBR divided the city into 8 different categories with the most expensive properties falling in Category A-1 and the cheapest in Category VI, while Category VII and VIII are especially created for a couple of high priced localities.

We have already shared details on valuation tables for open commercial and residential plots falling into Category A-I, I, II, III and IV. You can read that article by clicking here.

This article includes the fair market value rates for open commercial and residential plots falling in Category V, VI, VII and VIII

Category V

According to valuation tables released by the FBR, the per square yard price of open residential and commercial plots falling in Category-V is PKR 1,800 and PKR 4,000 respectively. The rate set for built up residential and commercial property is PKR 4,000 square yard and PKR 6,300 square yard in that order.

Moreover, the per square foot rate of apartments in areas falling into Category-V, as determined by FBR, is PKR 600.

Areas included in Category-V are Ali Basti, Bhutta Village, Bin Qasim (excluding Gulshan Hadeed), Cattle Colony, Chanesar Goth, Doda Village, Future Colony, Gul Bai, Haji Mureed Goth, KBR, Kausar Niazi Colony, Khanto Colony, Khokhrapar, Korangi Township, Laiqabad, Lyari Quarters, Malir City, Metroville II and III KDA, Mustafabad, Nasim Colony, New Golimar, Nusrat Bhutto Colony, Orangi Town, Pasban Muhallah, Peerabad, Qaidabad, Qasba Colony, Sands Pit, Shah Faisal Colony, Shanti Nagar, Shershah Colony and Village, Muhajireen Society and Waheedabad.

Category VI

Per yard² rate of open residential and commercial plots located in areas that fall in Category VI is PKR 900 and PKR 2,000. For built up residential and commercial property, FBR’s fair market value stands at PKR 3,000 yard² and 4,500 yard². For taxation purposes, per square foot rate of apartments in these areas is PKR 300.

FBR has included Baldia Town, government approved katchi abadis, Mahajir Colony, Manghopir Road and adjacent localities, Shah Lafit Town Scheme 25 KDA and Surjani Town Scheme 41 in Category VI.

Category VII & VIII

The per yard² of open residential property located in areas that fall in Category VII is PKR 20,000 and that of open commercial plots is PKR 70,000. For built up residential and commercial property, FBR has tagged properties of Category VII areas at 28,000 and PKR 40,000.

For areas falling in Category VIII, the fair market value of open residential and commercial stand at PKR 6,000 and PKR 25,000, respectively. Per the valuation table prepared by FBR, per yard² rate of built up residential and commercial property is PKR 11,000 and 18,000.

DHA Phase VII Extension, Phase VIII and Phase VIII Extension falls in Category VII. Category VIII includes Shireen Jinnah Colony alone.