The Federal Board of Revenue (FBR) has raised real estate prices across major cities nationwide, with the updated national rates set to take effect on November 1, 2024.
On Tuesday, the FBR made announcements on this matter. The fresh alerts have further elevated the property values to roughly 75% of the actual market pricing.
According to the notification, “In exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001, the FBR has determined the new fair market value of immovable properties in respect of areas or categories specified. The fair market value of the superstructures for residential, commercial, and industrial areas/properties have also been notified in each city.”
FBR Raises Property Rates in 56 Cities
Property valuation rates have been increased across 56 cities, including key areas such as Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
The FTO has set the FBR the deadline of October 11, 2024, to revise the values of immovable properties nationwide.
