FBR Increases Property Valuation Rates of Islamabad
The Federal Bureau of Revenue (FBR) has issued a notice of an increase in the valuation of property so that they can increase tax collection. These are going to include commercial as well residential properties including houses, apartments, and flats.
Previously, FBR was responsible for managing the prices of land for 20 major cities but now they have expanded this number to 40. It is because of the increase in population and the expansion of different cities across Pakistan.
FBR wants to generate more revenue from the real estate market of Pakistan and this can only be done by increasing the value of properties. This is a step in the right direction as more properties will be registered to get benefits of increased value.
One of the significant increases was seen by the Twin Cities especially Rawalpindi. The prices in Karachi were also set depending on the location and floor of the building.
The residents of Rawalpindi are going to see the maximum raise in the property as in some cases, it increased up to 400 Percent. In some sectors of DHA, the increase in property valuation was the maximum compared to the rest of the city.
The most expensive sector in Islamabad was Blue Area since it is a commercial hub. It was valued at a maximum of PKR 680,420 Per Square Yard for Shops and the first floor, it was PKR 168,856 Per Square Yard.
The reason for the inclusion of more cities was to increase the tax collection amount. FBR will ensure that the valuation is strictly followed and the properties are valued correctly.
People can benefit in terms of the sale and purchase of land and at the same time, it benefits the government as well. FBR aims to get maximum tax from the increase that they have implemented.
Check Revaluation of Immovable Properties of Islamabad at this link
