Islamabad is the capital of Pakistan. According to news reports, the Punjab government has announced an upward revision in property valuation table rates in the upcoming fiscal year (FY 2021-22).
According to reports, the revision in property valuation table rates was scheduled in consultation with stakeholders in their respective jurisdictions. There are currently three different property valuation rates: one notified by the Federal Board of Revenue (FBR), a second decision by the deputy commissioner (DC) in respective jurisdictions, and a third determined based on the actual market value property in each city or area.
The Punjab Board of Revenue (BoR) informed all deputy commissioners/district collectors that the district collectors are empowered to inform the prices of immovable properties in their areas “under Section 27-A (1) of the Stamp Act, 1899 read with Punjab Stamp (Valuation Table in Respect of Immovable Property) Rules 1999.”
Each year, the valuation tables must be informed for the following fiscal year before or on June 30. According to the regulations, the collector is required to inform the valuation tables based on value (which, in his view, is the average of the highest and lowest values of immovable property in a zone).
After removing all irregularities, the collectors have the authority to consult with other officers/stakeholders to finalize the valuation tables.
According to Ehsan Malik, the revision of valuation tables in Punjab will begin between April and May 2021, the convener of the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) for the Real Estate sector. Real estate associations can make contact with deputy commissioners/collectors. The nambardars in rural areas may contact the DC for feedback on valuation tables.
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