FBR changes property valuation rates in Karachi

The Federal Board of Revenue has notified a change in property valuation rates in Karachi to bring them closer to actual market prices. In a notification, the FBR has revised the land rates for residential and commercial properties in different districts of Karachi.

FBR changes property valuation rates in Karachi

According to the notification, the Federal Board of Revenue (FBR) has revised property rates for more than 200 different areas of the city in an effort to bring them closer to actual market prices. The FBR has added a new category I+ which makes a total of 8 categories for properties in Karachi.

In addition, the FBR clarified the following points:

  • The value of a residential building consisting of more than one floor will be increased by 25% for each additional floor, i.e. the value of each floor other than the ground floor will be calculated at 25% of the value of the ground floor.
  • A property that does not appear to belong to one of the categories shown in the schedule below is deemed to belong to the lowest adjacent category in the schedule.
  • If the land was granted for more than one purpose, viz. residential, commercial and industrial, the assessment in such a case will be the prescribed average/average rate
  • In a multi-storey residential building, an additional floor will be charged if it consists of a bedroom and a bathroom
  • Rates for basements of commercial properties built in categories I, II, II and IV will be Rs. 13,500 per square meter
  • High-rise buildings with serial number 44 in the schedule designate a building with one storey above ground plus five.

Residential categories

Category

Open residential land per square meter (Rs.)

Residential built property per square meter (Rs.)

Flats/apartments per square meter (Rs.)

Pleasure land per square meter (Rs.)

AI

73 125

81,000

7,313

37,375

I+

I

45,000

56,250

6,188

23,000

II

22,800

30,800

3,375

10,925

III

12,000

16,875

2,138

5,750

IV

9,563

11,250

1,688

4,888

V

6,000

7,800

944

1,680

VII

1,665

4,995

605

840

VII

35,520

44,400

7,770

17,920

VII

9,900

15,540

3,330

5,040

IX

11,000

13,200

2,750

6,000

X

12,320

14,300

3,220

7,000

Commercial categories

Category

Commercial open land per square meter (Rs.)

Commercial built property per square meter (Rs.)

Industrial open land per square meter (Rs.)

Industrial built property per square meter (Rs.)

(1)

(4)

(5)

(6)

(7)

AI

180,000

103,500

I+

160,000

80,000

I

123,750

73 125

12,124

3,105

II

106,875

56,250

13,824

3,336

III

46,000

28,000

6,000

3,336

IV

38,250

16,875

V

10 140

11,375

VII

3,600

5,994

VII

127,650

61,050

VII

48,000

49,248

IX

52,000

33,000

X

60,500

36,300

The FBR has stated that the value of residential built properties in Karachi can be reduced according to the following criteria:

Sr. No

Age of the built structure

Percentage reduction in value

1

Up to 5 years

No reduction allowed

2

5 to 10 years

5%

3

10 to 15 years

7.50%

4

15 to 20 years old

ten%

5

Over 20 years

Value equal to open plot

The value of built-up properties (apartments and flats) can be reduced according to the following criteria:

Sr. No

Age of the built structure

Percentage reduction in value

1

Up to 5 years

No reduction allowed

2

5 to 10 years

ten%

3

10 to 20 years

20%

4

20 to 30 years old

30%

5

Over 30 years

50%

The value of built commercial buildings may be reduced according to the following criteria:

Sr. No

Age of the built structure

Percentage reduction in value

1

Up to 10 years

No reduction allowed

2

10-15 years old

5%

3

15 to 20 years old

8%

5

Over 20 years

ten%

In addition, the following points should also be noted:

  • Defense Housing Authority commercial land value facing Khayaban increased by 10%
  • The value of commercial buildings outside the ground floor is reduced by 25%
  • The value of residential land (Defence Housing Authority) in the following categories can be reduced by 25%:

1

Land facing Nala

2

Land facing commercial

3

Facing the school, land facing the mosque/land facing the cemetery.

4

Trace back (trace back) / Triangular trace

Also, List of Complete Area Reassessment of Property Rates in Karachi can be downloaded in PDF format from the official site of the Federal Bureau of Revenue (FBR).

Read more: FBR revises real estate rates in Lahore.

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