Islamabad: The Federal Board of Revenue (FBR) has notified the revised valuation rates of immovable properties in Islamabad after consulting with the Federation of Realtors Pakistan (FRP) and other stakeholders, according to a news published on January 16.
As per the revised rates, valuations of the five-year-old residential and commercial superstructures in Islamabad are decided at PKR 2,000 per sq ft. The same for superstructures older than five years is PKR 1,000 per sq ft. The new rates are notified as follows:
• For Sector E-7, the board has determined a value of PKR 150,000 per sq yd, whereas the tax department had notified the value of PKR 250,000 for the same on December 15.
• The value of immovable properties in B-17 with and without possession of a plot will be PKR 20,000 and 12,000 respectively. The board had previously fixed the land value at PKR 55,000.
• The per sq yd rate of immovable properties in Bani Gala is PKR 28,000 against the previously notified rate of PKR 36,363 per square yard.
• The new valuation rates for properties (including apartments) in Sector F-8 is PKR 25,000 per sq ft against the old rates of PKR 260,000 per sq ft.
• In Blue Area, the new rate of commercial properties is PKR 48,611 per sq ft, which previously was notified at PKR 680,420.
• The rate for industrial immovable properties in Sectors I-9, I-10 and Kahuta Triangle are fixed at PKR 10 million, 10 million, and 0.6 million per kanal, respectively.
• The new rates of immovable property in Chak Shahzad’s agro, poultry, and vegetable farms would be PKR 8 million.
• The backside shops in the fruit and vegetable market of Sector I-11 are valued at PKR 125,000 per sq yd.
• The per sq yd value of residential property in Bahria Enclave’s Sector A, B and C is revised at PKR 40,000. The previously notified rate for the same was PKR 62,809.
• The per kanal revised valuation of farmhouses in Gulberg Greens is fixed at PKR 10 million with possession and PKR 8.5 million without possession.
It is pertinent to mention here that FBR had revised the valuation rates up by 700% on December 15, which were later retracted when it was highlighted that the notified prices didn’t match fair market value.