Islamabad: According to press reports, the Federal Board of Revenue (FBR) amended the value rates for immovable assets in 40 cities, including residential, commercial, flats, and apartments, on Wednesday (December 1).
Previously, the FBR set the rates for immovable property in 20 cities; however, the number of major cities has expanded to 40, with an increase in the areas as well. The valuation tables will also enable the board to collect additional taxes from the property sector as a result of this modification. These are some of the cities:
- Rahim Yar Khan
- Dera Ismail Khan
- DG Khan
The valuation rates of immovable properties (flats and apartments) in E-7 Islamabad were set at PKR 251,500 per square foot, according to the information. Shops in the Blue Area were valued at PKR 680,420 per square foot in commercial property, while shops on the first level were valued at PKR 168,856 per square foot.
Furthermore, the value of a residential structure with more than one storey will be increased by 25% for each extra storey in Karachi (other than the ground floor). Immovable property valuation rates in Rawalpindi are set based on whether the property is located off-road or on-road. In certain cases, the valuation rates have risen by 200 percent to 400 percent.
The valuation rates have risen dramatically during the DHA phases. The FBR has increased value rates without taking stakeholders into account, according to Ahsan Malik, President of the Real Estate Consultants Association (RECA).