KARACHI, Nov 22: The Sindh Revenue Board has announced valuation of agricultural lands around Karachi for the purpose of levy of stamp duty on registration of sale deeds.

The rates agricultural lands made public through a notification have been brought down to the level of the lowest category of residential open plots.

Under the notification, the value per acre of agricultural land has been drastically cut from a uniform rate of Rs1,452,000 per acre to a minimum of Rs24,000 fixed as price of land in certain Dehs.

The per acre valuation of land, however, varies for about 80 Dehs situated in the outskirts of Karachi but now covered within the limits of the city district government Karachi.

Gul Hasan Chandio, Deputy Inspector General of Stamps, told Dawn on Wednesday that with the introduction of devolution plan in 2001, agricultural and residential lands around Karachi were included within the limits of the city district government.

On August 5, 2002, the Sindh government fixed value per acre of agricultural land at Rs1,452,000, which was later considered too high, blocking the sale of lands needed for industrial and housing purposes.

In view of the nominal land transactions recorded due to high per acre value of land, the Sindh government decided to reduce the value of land and fixed valuation rates for different Dehs according to their location.

Some private land dealers who were visiting the land revenue office on Wednesday welcomed the move. While talking to Dawn they said it would facilitate both the public and private sectors to acquire land for industrial and housing purposes at affordable rates.

The government is currently faced with shortage of land in and outside the city required for new projects. The Sindh chief minister approved 34 investment projects but land had only been allotted to 15 projects. The chief minister is again set to approve another set of 24 investment projects which would be requiring land to be allotted by the Sindh Board of Revenue.

According to the valuation table issued with the notification, the highest value of land Rs960,000 per acre has been fixed for Deh Taiser followed by Moach, Khanto and Ibrahim Hyderi Rs720,000; Mochko, Gund Pass Rs360,000; Deh Lal Bakhar, Tore Rs480,000; Mangho Pir Rs600,000; Ibrahim Hyderi Rs720,000; Bund Murad, Chakro Rs240,000; Landhi Rs480,000; and Shah Mureed, Bijar Bhitti Rs480,000.

The notification issued on November 18 says that in exercise of the powers conferred by section 27-A of the Stamp Act 1899, read with clause (x) of section 2 of the Sindh Local Government Ordinance 2001 and in partial modification of the Board of Revenue Notification No. CIS/BOR/S.W-4/2002/818 dated August 5, 2002, the chief inspector of stamps is pleased to notify all lands located within the limits of the City District Government Karachi borne in Village Form V11 and not already included in the categories of the properties mentioned in Appendix-A shall for the purpose of stamp duty be valued at the rate applicable to lowest category of residential open plots as prescribed in the valuation table.