The Federal Board of Revenue (FBR) has decided to engage top property valuation experts from the State Bank of Pakistan to hold meaningful consultations with the key stakeholders, including real estate agents and town developers.
The recently notified property valuation by FBR was finalized with due diligence and through a consultative process by the field formations.
The FBR issued a statement detailing that this upward revision of property across the country was aimed at bringing the property value closer to the market price, in line with the global best practices. Additionally, this rigorous exercise has been reasonably good.
However, the FBR has received a number of complaints from different quarters according to which property valuation has been reported to be beyond the market price.
Taking cognizance of this issue and addressing the genuine grievances, FBR has decided to engage top property valuation experts of the SBP who will hold meaningful consultations with the key stakeholders including real estate agents and town developers.
This consultative process will review such cases individually and will make recommendations to remove distortions (if any) and bring the property value near the market price.
Editorial & Legal Practice Group
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Jurisdiction: Pakistan