August 10, 2022

FBR increases rates of immovable property in 40 cities

FBR Haed office

FBR increases rates of immovable property in 40 cities

In Karachi, every additional storeyed increased by 25%,

Ghotki, Hyderabad, Karachi, Larkana, Mirpurkhas, Sukkur from Sindh also included

ISLAMABAD Dec 02, 2021 – The Federal Bureau of Revenue (FBR) has increased the rates of immovable property in 40 cities. In Karachi, every additional storey has been increased by 25%, however, the Real Estate Agents Association has rejected the increase.

The increase in the rates of immovable property prices in 40 major cities across the country include commercial, residential, apartments, flats and other areas.

 Earlier, the FBR had fixed immovable property prices in 20 selected cities, but now this number has been increased to 40, while the number of city areas has also been increased.

The purpose of the price increase is to collect more taxes from the property sector.

Cities included in property prices increase

Abbottabad, Attock, Bahawalpur, Bahawalnagar, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad. Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narwal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha. Sheikhupura, Sialkot, Sukkur and Toba Tag Singh. 

Prices in Islamabad

In Islamabad a lot of E-7 to cost Rs 250,000 per square yard, Rs 200,000 per square yard in F-6, Rs 350,000 per square yard in F-7 and Rs Rs 55,000 per square yard in B-17, Rs 100,000 per square yard in D-12, Rs 55,000 per square yard in Faisal Town, Rs 200,000 per square yard in F-8, in G-11 Rs 1.5 lakh per square yard, Rs 39735 per square yard in Mumtaz City, Rs 49668 per square yard in Bahria Town and Rs 36363 per square yard in Bani Gala. 

FBR imposes Import duty on 80 luxury items

In the case of flats and apartments, the prices of immovable property have been fixed at Rs. 251,500 per square foot in E-7, shop at Rs.

In commercial properties, shop in Blue Area has been fixed at Rs 680,420 per square foot and on the first floor in Blue Area at Rs 168856. 

Karachi

The cost of a single storey building in Karachi has increased by 25% per additional storey. For example, every storey other than the ground floor will be priced at 25% of the ground floor price. If a property does not fall into any of the following categories, it will be considered in the lowest category. If a land is permitted for more than one purpose such as residential, commercial and industrial then its value will be the average value of the fixed price. 

Flat means a residential area covered by a separate unit number / sub-property unit number of the property. If there is a multi-storey building in the residential area, additional storey will also be included, provided it consists of one bedroom and bathroom.

 Sindh Assembly passes Sindh Evacuee Trust Properties Management bill

The basement prices of commercial properties constructed in categories 1, 2, 3 and 4 have been fixed at Rs 13,500 per square yard.

Rawalpindi

In Rawalpindi, the FBR has fixed the prices of immovable properties on the basis of off-road, on-road and rising prices and in some places they have been increased by 200 to 400 per cent.

Prices have been multiplied in DHA phases.  

Ahsan Malik, leader of the Real Estate Agents Association (RECA), told media that the FBR had set prices without taking stakeholders into confidence.

He said that the price tables have been increased by 200 to 400 percent. We condemn it and will not accept it in any way.