KARACHI: The Federal Board of Revenue (FBR) released new valuation rates for properties in Karachi, varying in different areas.
According to a value notification, Rs. 5,000 per square feet has been fixed for Abdullah Haroon Road and Air Force Society. The property price in Air Force Society (Baloch Colony) has been fixed at Rs. 30,000 per square feet, Akhtar Colony Rs. 1,400 per square feet, Alfalah Society Rs. 1,400 per square feet and Ali Basti Rs. 700 per square feet.
The property price Askari I, II and III has been fixed at Rs. 1,100 per square feet, Askari IV Rs. 8,200 per square feet, Askari V Rs. 15,000 per square feet, DHA Phase I to VII Rs. 8,200 per square feet, DHA Phase VII Extension Rs. 5,000 per square feet and DHA Phase VIII Rs. 7,300 per square feet.
Earlier on October 30, the FBR raised property valuation rates for immovable properties in 56 cities
The FBR jacked up the property valuation rates by 75% of the actual market rates starting November 1, 2024.
This decision aims to enhance revenue collection and reduce the undervaluation of properties. The updated rates reflect the FBR’s commitment to align the property values with their real market worth, expanding the number of cities affected from 42 to 56, in line with World Bank stipulations.
The new valuation rates, include separate categories for commercial, industrial, and residential properties.
The detailed notification of these revised rates is expected to be made public soon, following the approval from the FBR chairman.
