The federal government is planning to increase property valuation rates by about 30% for major cities of the country.
The move comes as this sector is generating increased taxes since last few years. Under the first phase of increase in property valuation rates, the government’s revenues from the sector increased 100% to roughly Rs15 billion while property transactions also grew by one-tenth during the July-April period of the outgoing fiscal year.
“Under the second phase, the government would notify fresh property valuation rates for major cities by June 30,” Federal Board of Revenue (FBR) Chairman Dr Mohammad Irshad told The Express Tribune.
He said that the rates would increase by another 30% on average, but would still be lower than the actual prevailing market rates.
The number of cities included in the plan will also be increased from 21 to approximately 30.
In the first phase, the FBR had notified rates for major cities including Lahore, Multan, Gujranwala, Faisalabad, Sialkot, Islamabad, Karachi, Hyderabad, Sukkur, Sargodha, Mardan, Abbottabad, Peshawar, Quetta and Gwadar.
According to FBR officials, the increase in property valuation rates could be 15% to 20% in cases where the rates are already higher. The FBR could also lower the rates in cities like Karachi and Faisalabad.The government will notify the new rates after the approval of the Finance Bill 2017.
For any query contact +92-335-1369927 | 021-35639700-2
Apartment Size: 3248 Sq Ft, Approximately 360 Sq Yards, 3 Bed rooms, Car Parking Drawing + Dining Room, Prayer Area, Kids Play Area, Visitors lobby, High Speed Elevator Highly Secure. At Creek Vistas Apartment DHA Phase 8 Karachi one of the Best Project in Karachi with very safe and Secure Environment Own by DHA.
The Royal group has been a name synonymous with quality and credibility since its very inception. Our projects have always been received with great admiration for the innovative design, modern construction and exceptional planning. The Royal group strictly believes in winning and retaining the trust of all the valued customers through high quality work.