Islamabad: The Punjab government has announced to upwardly revision in its valuation table rates of properties in the upcoming budget for the fiscal year (FY 2021-22), according to news sources.
Reportedly, this revision in valuation table rates of properties has been planned in consultation with the stakeholders for their respective jurisdictions. At present, there are three different valuation rates for properties; one notified by the Federal Board of Revenue (FBR), second by deputy commissioner (DC) in respective jurisdictions and third actual valuation rates for the property determined on basis of the actual market value of property in each city or town.
As per the official communication sent out by the Punjab Board of Revenue (BoR) to all deputy commissioners/district collectors, it was notified that the district collectors are empowered to notify the rates of immovable properties in their areas ‘under Section 27-A (1) of the Stamp Act, 1899 read with Punjab Stamp (Valuation Table in respect of Immoveable Property) Rules 1999’.
The valuation tables are required to be notified for the forthcoming financial year before or on June 30 each year. According to the guidelines provides in the regulations, the collector is to notify the valuation tables based on value (which in his opinion) is the average of highest and lowest rates of immovable property in a zone. The collectors are empowered to consult other officers/stakeholders for the finalization of the valuation tables after eliminating all anomalies.
According to the convener of the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) for the Real Estate sector Ehsan Malik, the revision of valuation tables in Punjab will commence between April and May 2021 – so real estate associations should establish contacts with deputy commissioners/collectors. For rural areas, the nambardars can reach out to the DC for feedback on valuation tables.