Karachi: The Sindh Revenue Board has asked the provincial government to increase the valuation rates of immoveable urban and rural properties located within the province, a news source reported.
Revenue and Relief Minister Makhdoom Mehboob Zaman said the board recently forwarded a summary to this effect to Chief Minister (CM) Murad Ali Shah for final approval.
He said that the valuation rates of different non-agriculture immoveable properties – including residential, commercial, industrial and built-in – were fixed according to their respective statuses.
He added that the authorities concerned notified the value of urban (non-agriculture) immoveable property and rural (agriculture) property under Section 27-A of the Stamp Act, 1899. The last revisions of the rates was notified on June 6, 2016.
The minister said that the value of rural (agriculture) immoveable property was fixed at PKR 500 per Produce Index Unit (PIU). He added that no clear policy pertaining to the rates exists under the current rules.
