FBR Revised Property Rates
FBR Revised Property Rates: FBR revises the fixed value of immovable property in 40 major cities, up to 250% instead of 700%
Revised Property Rates ISLAMABAD:
The Federal Board of Revenue (FBR) has revised the fixed value of immovable property in 40 major cities of Pakistan and announced an increase in its prices by 25 to 250 percent.
This depreciation is many times lower than the 600-700% increase announced on December 1, 2021. Earlier, prices were released on December 1, 2021, regarding market value in this regard. Have been done.
400% in some areas of Lahore, multiplied by several times in only one area of Karachi. Valuation table issued in Islamabad, Peshawar, Quetta, Rawalpindi, Sialkot, Hyderabad, Murree, and other cities.
In the case of Karachi, the FBR has divided the city into three different levels and has given their prices in rupees through a table. The price per square yard of additional floor area on the ground floor, the price of the remaining square yards per square yard of additional floors including the ground floor of the commercial property, as well as the price per square foot area per square foot including the entire plot area in the industrial property. Has gone
In a one-story residential building, the price has been increased by 25% with each additional floor. Property that does not fall into the above category will be included in the minimum level of annexation.
If the land is for more than one purpose ie residential, commercial and industrial purposes then the average rate method will be adopted. A flat means a separate property. NIT numbers are the average fixed rates. Multi-story residential buildings will have a bedroom and bathroom-based charges.
In commercial classification, the value of the commercial property from first class up to Rs. 13500 per square yard will be included in serial no. 44 of the appendix up to the ground floor. Depending on the region, the maximum was increased from 600% to 700%, but now the average revised rates have been kept between 25% and 250%.
However, there are some areas in Lahore where the ratio has been increased up to 400%. The revised notification is effective March 2, 2022.
There is only one area in Karachi where prices have been increased manifold. Under the terms of a کروڑ 400 million loan from the World Bank, the FBR raised prices to keep them in line with market rates. There are three types of property prices. One is according to DC’s notification, another according to FBR’s valuation and third according to market rate. Earlier, on December 1, the FBR’s decision was strongly protested by real estate traders and agents. Officials from the Real Estate Consultants Association (RECA) had met Finance Minister Shaukat Tareen and persuaded him not to review the prices. The valuation table has been revised to make it possible to achieve maximum taxes in this sector.
The FBR has also raided Abbottabad, Attock, Bahawalpur, Bahawalnagar, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, and Kasur. Value for Khushab, Lahore, Larkana, Lasbela, Mansehra, Mandi Bahauddin, Mardan, Mirpur Khas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, And Toba Tek Singh Action tables have been issued. Similarly, rates have been rescheduled for Islamabad Satellite Town, Rawalpindi, Murree, and Karachi. RECA representatives Sardar Tahir and Ahsan Malik said that the rates would continue in the next financial year.