FBR revises land valuations upwards for 20 major cities
The Federal Board of Revenue (FBR) on Friday issued a flurry of notifications regarding upward revisions in the valuation rates of immovable property in 20 major cities of the country.
The average increase in valuations is around 20 per cent, but some areas have seen a much sharper revision in taxable rates. The new rates, which the FBR will use to calculate withholding and capital gains taxes when properties in notified areas are bought and sold, are applicable from February 1, 2019.
Among the largest cities, the area-wise categorisation of Karachi reveals that the city has been divided into 196 areas for the purposes of valuation.
Under the categorisation scheme, properties on Abdullah Haroon Road, Bath Island, I.I. Chundhrigar Road and PECHS are among 22 localities listed under the 'A-1' category. Residential plots in this category have been valued at Rs42,000 per square yard, while commercial plots have been valued at Rs120,000 per sq. ft.
A 100 per cent upward increase has been made in the valuation of immovable properties in some sectors of the Defence Housing Authority (DHA) in Karachi. In the rest of the areas of the city, the FBR has revised its valuations by 15 to 20pc.