| Islamabad: The Federal Board of Revenue (FBR) is preparing to significantly increase property valuation rates by 20% to 100% in 42 major urban centers across Pakistan, according to news sources. The extent of the hike will depend on the fair market value of the respective areas.
As per media reports, the FBR has finalized the revised valuation tables, which will soon be forwarded to the Ministry of Law for approval. Once cleared, the updated rates are expected to be implemented within the month, marking the first update to property valuation rates since September 2022.
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Along with the increased rates, the FBR is planning to expand its property valuation system to cover an additional 14 urban centers in the next phase. This expansion will bring the total number of cities under its property valuation framework from 42 to 56.
The revised valuation rates will initially apply to properties in the following cities: Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana Sahib, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
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This move by the FBR comes as part of the government’s broader effort to align property valuation rates with market prices and boost revenue collection from real estate transactions. |
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