Real estate experts fear severe impact on sale/purchase of big plots, worst dip in property business in months ahead.
FBR increases rates in range of 100% to 600% for 40 major cities, depending upon location.
Unprecedented increase made with effect from December 1, 2021.
ISLAMABAD/KARACHI/LAHORE: Valuation rates of immovable properties have been raised by the Federal Board of Revenue (FBR) in the range of 100% to 600% for 40 major cities, depending upon location and commercial areas within the cities, The News reported.
Previously, the revenue board had jacked up the valuation rates of property by 30% to 85% in 2019, however, this time the unprecedented increase was made with effect from December 1, 2021, whereby the real estate agents stated that the rate went up by 100% to over 600% in one go.
The sale and purchase of big plots might be affected severely as the real estate experts feared that the property business might witness the worst dip in the months ahead if the government did not revise down the existing valuation rates.
According to a notification issued by the FBR, the valuation table for DHA-1 Rawalpindi for a residential property per marla increased from Rs640,000 in 2019 to Rs4.5 million per marla off the road and Rs5.4 million per marla on the road. For the commercial property, the valuation has been increased from Rs3.5 million per marla in 2019 to Rs8.5 million per marla off the road in 2021 and Rs12.75 million per marla in 2021 on the road.
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