FBR Notifies Increase in Property Rates in 40 Cities

Determining the fair market value of immovable properties, the Federal Board of Revenue (FBR) has considerably raised the value of domestic and commercial properties in 40 cities. The revision, to be effective from December 1, 2021, has been made on the basis of per marla of some cities. According to details, FBR issued 40 notifications on Wednesday to increase the values of properties including housing schemes and housing societies. In Karachi, properties have been categorized in seven areas for the determination of their values. The categories include residential open plot per square yard, residential built-up property per square yard, commercial open plot per square yard, commercial built-up property per square yard, industrial open plot per square yard, industrial built-up property per square foot, and flats/apartments per square foot. The value of almost all residential and commercial immovable properties of Pakistan has been increased in an attempt to bring them at par with the fair market values. The FBR has enhanced the market value of residential and commercial immovable properties located in Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Mandibahauddin, Mansehra, Mardan, Mirpurkhaas, Multan, Nankna, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh. The values have been raised on the basis of size in square yards for other cities. The property area value has been determined on the basis of per marla basis for other cities. FBR has determined the fair market value of immovable properties in the exercise of the powers conferred by Sub-section (4) of Section 68 of the Income Tax Ordinance, 2001, and in supersession of its notifications.