The Federal Board of Revenue (FBR) has updated property valuation rates across various areas in Karachi.
The rates have been set at Rs. 5,000 per square foot for both Abdullah Haroon Road and Air Force Society, while properties in Air Force Society (Baloch Colony) are now valued at Rs. 30,000 per square foot. Additionally, Akhtar Colony and Alfalah Society have a set rate of Rs. 1,400 per square foot, and Ali Basti has a set rate of Rs. 700 per square foot.
For military residential areas, rates are as follows: Askari I, II, and III at Rs. 1,100 per square foot, Askari IV at Rs. 8,200 per square foot, and Askari V at Rs. 15,000 per square foot. Defense Housing Authority (DHA) rates vary from Phase I to VII at Rs. 8,200 per square foot, Phase VII Extension at Rs. 5,000 per square foot, and Phase VIII at Rs. 7,300 per square foot.
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Previously, on October 30, the FBR had increased property valuation rates for immovable properties across 56 cities.
Effective November 1, 2024, the FBR has increased property valuation rates to 75% of actual market rates.
This measure aims to boost revenue collection and curtail property undervaluation. The revised rates signify the FBR’s efforts to synchronize property values with their true market worth, increasing the scope from 42 to 56 cities, following World Bank guidelines.
The new valuation structure categorizes properties as commercial, industrial, or residential. A comprehensive notification of these updated rates is anticipated soon, pending approval from the FBR chairman.
