ISLAMABAD: The Federal Revenue Council (FBR) on Wednesday raised the appraisal rates of rates notified by the RBF for real estate, including commercial, residential, apartment, apartment and other areas in 40 selected major cities across the country.
The RBF fixed property ownership rates for 20 selected cities, but that number has now grown to 40 major cities while areas within cities have also increased. The coverage of the evaluation tables has therefore increased.
The valuation tables have been revised upwards with the aim of collecting more taxes on the real estate sector. The RBF increased the assessment rates of 40 selected cities on multiple occasions. FBR notified rating tables for Abbottabad, Attock, Bahawalpur, Bhawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jheleum, Karachi, Kasur , Khushab, Lahore, Larkana, Lasbella, Mandi Bhauddin, Manshera, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.
For Islamabad any size of plot in square meters in E-7 the appraisal rate will be Rs 250,000 per square meter, F-6 Rs 200,000 per square meter, F-7 Rs 350,000 per meter square, E-11 Rs110,000 per square yard, B-17 Rs55,000 per square yard, D-12 Rs100,000 per square yard, Faisal Town Rs55,000 per square yard, F-8 Rs200,000 per square yard , G-11 Rs150,000 per square meter, Mumtaz City Rs39,735 per square meter, Bahria Town Rs49,668 per square meter and Bani Gala Rs36,363 per square meter.
The appraisal rates for real estate in the form of apartments and apartments are set in E-7 at Rs 251,500 in value per square foot. For commercial goods, the store valuation in the blue zone was set at Rs 680,420 per square foot, on the first floor in the blue zone Rs 168,856 per square foot.
In Karachi, the value of a residential building with more than one storey will be increased by 25pc for each additional storey, i.e. the value of each storey other than the ground floor will be calculated at 25pc of the value of the ground floor; (vi) a property which does not appear to belong to any of the categories indicated in the annex below is deemed to belong to the lowest adjacent category in the annex; (vii) if the land has been granted for more than one use. namely residential, commercial and industrial, the assessment in such a case will be the prescribed average / average rate; (viii) apartment means the covered residential building having a separate property unit number / sub-property unit number; (ix) in a multi-storey residential building, the additional storey will be charged if it consists of a bedroom and a bathroom; (x) Tariffs for basements of integrated commercial properties of categories I, II, III and IV will be Rs 13,500 per square meter.
In Rawalpindi, the FBR set property appraisal rates on the basis of off-road and on-road land and increased appraisal rates in some cases by 200 to 400 percent. In the DHA phases, the assessment rates were increased several times. Real Estate Agents Association (RECA) leader Ahsan Malik, in a conversation with the scribe, said the RBF had set appraisal rates without giving stakeholders confidence. He said the valuation tables had risen 200 to 400 percent. “We condemn it and will not accept everything,” he added.