Property

FBR hikes property valuation rates by 100% to over 600% in one go

property valuation

The Federal Board of Revenue (FBR) has increased the immovable property valuation rates in 40 major cities by 100 to 600 percent, depending on location and commercial areas inside the cities.

The FBR increased property valuation rates by 30 to 85 percent in 2019, but this time the remarkable hike took effect on December 1, 2021, with real estate agents claiming that the rate went up by 100 to 600 percent in one go.

According to an FBR statement, the residential property valuation figure for DHA-1 Rawalpindi increased from Rs 640,000 per Marla in 2019 to Rs 4.5 million per Marla off the road and Rs 5.4 million per Marla on the road. The value of commercial property has been raised from Rs 3.5 million per Marla in 2019 to Rs 8.5 million per Marla. 

In 2021, it is Rs 12.75 million per Marla off the road and Rs 12.75 million per Marla on the road. The residential property valuation per Marla in Satellite Town, Rawalpindi, was determined at Rs 2.25 million off the road and Rs 3.15 million on the road. The value rate for commercial property was set at Rs 5.1 million per Marla off-road and Rs 6.8 million per Marla on-road.

The residential plot value rate in Rawalpindi’s Chandani Chowk has been set at Rs 2.25 million per Marla off the road and Rs 3.1 million per Marla on the road. The assessment rate for commercial property in Rawalpindi’s Chandani Chowk is Rs 5.9 million per Marla off the road and Rs 7.6 million per Marla on the road.

Read more: FATF conditions: Realtors to share credentials of buyers, sellers with FBR

The value of property on the Murree Road is Rs 4 million per Marla for a residential area off the road and Rs 4.9 million per Marla for a residential area on the road. The valuation for the Murree Road commercial area has been set at Rs 8.5 million per Marla off the road and Rs 10.2 million per Marla on the road.

A residential area on Rawalpindi’s Bank Road is valued at Rs 2.7 million per Marla off the road and Rs 3.7 million on the road. However, o ff the road, the commercial land was valued at Rs 19.55 million per Marla, whereas on the road, it was valued at Rs 29.7 million.

The valuation rate for immoveable property in Islamabad was modified upwards from Rs 53295 to Rs 100,000 per square yard in D-12, from Rs 94,500 to Rs 350,000 in E-7, from Rs 41,800 to Rs 110,000 in E-11, from Rs 93,500 to Rs 200,000 in F-6, from Rs 91,700 to Rs 350,000 in F-7, from Rs 91,700 to Rs 350,000 in F-8, from Rs 88,000 to Rs 129,000 in F-10,

The valuation prices for apartments have been set at Rs 251,500 for E-7, Rs 201,500 for F-6, Rs 351,500 for F-7, Rs 8,000 for E-11, Rs 105,000 for B-17, and Rs 260,000 for F-8.

The value rate for the commercial area in Islamabad’s Blue Area is Rs 680,420 per square foot per shop, and Rs 174,560 per square foot for mezzanine flats/offices. The valuation rate for Super Market ground shops is Rs 240,000.

In Peshawar, the residential valuation rate is Rs 1.5 million per Marla, whereas the commercial valuation rate is Rs 3.9 million per Marla.

Meanwhile, the Federal Board of Revenue has increased the rate of each of its categories for properties in Karachi, and in a few cases, changed categories altogether, according to property agents, who claim that the valuation has climbed by 300 percent.

Each additional storey of a residential building other than the ground floor shall be valued at 25% of the value of the ground floor by the FBR. Furthermore, a building’s value would be adjusted for depreciation five years after it was constructed. There will be no depreciation for the first five years. There is a 5% depreciation from five to ten years; a 7.5 percent depreciation from ten to fifteen years; a ten percent depreciation from fifteen to twenty years; and a ten percent depreciation from twenty-to-twenty years. After twenty years, the property will be assessed solely on the basis of its land value.

Meanwhile, for the first five years, the value of flats and apartments will not be reduced; for the next five years, the value will be reduced by 10%; for the next ten years, by 20%; for the next twenty years, by 20%; for the next thirty years, by 30%; and for the next fifty years, by 50%.

 The Federal Board of Revenue has raised the per-marla rate on residential and commercial properties on 1,235 Lahore localities, The FBR’s recent surge in property valuation may cause the property market in the provincial capital to slow down.

The FBR in Lahore announced an increase in the property value (residential and commercial) of 1235 areas in different territories, including private and cooperative societies. The new residential and commercial per Marla rates in Abdalian Coop Society are Rs 1,325,000 and Rs 2,450,000, respectively, while the per Marla value of commercial property has increased by Rs 4,000,000. In Agriches Coop Society, the new residential and commercial per Marla rates are Rs 1,325,000 and Rs 2,450,000, respectively.

The new residential and commercial per Marla prices in Aitchison College Coop Society are Rs 1,097,500 and Rs 2,187,500, respectively. The new residential and commercial per Marla prices in Ajodiapur are Rs 1,000,000 and Rs 1,900,000. The new residential and commercial per Marla rates in Ali Razabad are Rs 870,000 and Rs 1,538,000.

All societies and towns in Rakh Khamba have new residential and commercial per Marla rates of Rs 900,000 and Rs 2,150,000, respectively, whereas all societies and towns in Amir Kot have new residential and commercial per Marla rates of Rs 1,400,000 and Rs 2,650,000, respectively.

Every societies and towns in Mouza Juliana have new per marl rates of Rs 800,000 and Rs 2,150,000; in Khamba, they are Rs 900,000 and Rs 1,950,000; in Mohlanwal, they are Rs 800,000 and Rs 1,650,000; in Awan Town, they are Rs 972,500 and Rs 2,150,000; in Awaisia Coop Society, they are Rs 900,000 and Rs 1,950,000; in Bahria Town, they are Rs 1,750,000 and Rs 2,750,000, in Bakar Mandi, they are Rs 1,500,000 and Rs 2,650,000, in BOR Society, they are Rs 1,500,000 and Rs 2,650,000, on Main Bund Road from Motorway Chowk to Chowk Yateem Khana, they are Rs 2,150,000 and Rs 3,800,000 and on Canal Bank Road from Two Side Campus To Thokhar, they are Rs 1,600,000 and Rs 4,250,000 respectively.

At Canal View, the new residential and commercial per Marla rates are Rs 1,315,000 and Rs 3,250,000, at Chak Mozang, they are Rs 1,300,000 and Rs 2,650,000, at EME Society, they are Rs 1,875,000 and Rs 6,000,000, at Engineering University Coop Society Ltd, they are Rs 900,000 and Rs 2,150,000, at Govt Officers Coop Society Ltd, they are Rs 920,000 and Rs 2,550,000, at Green Fortees Phase-I&II, they are Rs 900,000 and Rs 3,750,000, at Hanjarwal, they are Rs 950,000 and Rs 2,550,000, at Jubilee Town, they are 1,250,000 and Rs 1,600,000.

In Johar Town, they are Rs 1,600,000 and Rs 3,150,000, at Johar Town main roads, they are Rs 2,100,000 and Rs 4,250,000, at Judicial Colony, they are Rs 1,400,000 and Rs 3,250,000, at LDA Avenue-1, they are Rs 1,250,000 and Rs 1,600,000, at Main Bazaar Chung, they are Rs 1,750,000 and Rs 3,750,000, at Mansoora, they are Rs 1,150,000 and Rs 2,550,000, at Mohlanwal, they are Rs 525,000 and Rs 1,650,000, at Moulana Shaukat Ali Road, they are Rs 1,600,000 and Rs 4,250,000, at Multan Road Chungi To Thokar, they are Rs 950,000 and Rs 3,250,000.

From Multan Road Thokar to Manga Mandi, they are Rs 1,375,000 and Rs 1,650,000, at NFC Employees Coop Society, they are Rs 1,250,000 and Rs 1,800,000, at Nasheman Iqbal Society, they are Rs 900,000 and Rs 1,650,000, at Overseas Society, they are Rs 1,200,000 and Rs 1,600,000, at Pakistan Election Commission Employees Coop Society, they are Rs 1,200,000 and Rs 2,650,000, at Pakistan Expatriates Coop Society (Valencia Town), they are Rs 1,500,000 and Rs 4,250,000.

Meanwhile, SSat Pakki Thathi and adjoining localities, they are Rs 1,350,000 and Rs 3,150,000, at PIA Society, they are Rs 1,600,000 and Rs 3,150,000, at Sattokatla, they are Rs 1,200,000 and Rs 2,650,000, at Sukh Chain Society, they are Rs 1,300,000 and Rs 2,650,000, at Tech Society, they are 2,100,000 4,250,000, at Allama Iqbal Road, they are Rs 1,475,000 and Rs 2,800,000, at Bedian Road, from Bhatta Chowk to Elite Town, they are Rs 1,150,000 and Rs 5,250,000 and in Defence, they are around Rs 3,250,000 and Rs 7,000,000.

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