ISLAMABAD: The Federal Board of Revenue (FBR) has lowered the fair market value of immovable properties in Islamabad after consultation with stakeholders, including the Federation of Realtors Pakistan (FRP).
According to the details, the value of up to five year old residential and commercial superstructures in the federal capital shall be Rs2,000 per square foot and Rs1,000 per square foot if the superstructure is more than five years old.
The value determined by FBR in sector E7 would be Rs1,50,000 per square yard whereas the tax department had notified Rs250,000 per square yard of any size in E7 on December 15, 2021.
Meanwhile, the value of an immovable property determined by FBR, with or without possession of a plot in B17 Islamabad would be Rs20,000 and Rs12,000 whereas FBR had fixed Rs55,000 value of land in this society.
Likewise, the rate of immovable property per square yard in Bani Gala would be Rs28,000 whereas FBR had notified Rs36,363 square yard value earlier.
Documents state that the value of immovable properties including flats and apartments will be Rs25,000 per square foot in F-8 whereas the FBR had notified Rs260,000 value of flat per square foot.
Furthermore, FBR had fixed Rs6,80,420 per square foot of commercial immovable property rate in Blue Area whereas the new value rates of commercial property including shops would be Rs48,611 per square foot.
The rates of industrial immovable properties in I9, I10 and Kahuta Triangle would be Rs10 million, 10 million, and 0.6 million per kanal, respectively as opposed to FBR’s earlier notified price of Rs40 million in I9, Rs40 million in I10 and Rs10 million in Kahuta Triangle.
Meanwhile, new immovable property rates of agro, poultry, and vegetable farm would be Rs8 million in Chak Shahzad whereas the tax department had notified a Rs10 million rate last month.
The valuation of backside shops of an immovable property in the fruit and vegetable market in I11 would be Rs1,25,000 which was Rs1,82,476 per the per square yard notified by FBR.
Moreover, FBR has also lowered the valuation of residential immovable property in Bahria Enclave Islamabad. The value per square yard in Sectors A, B & C Bahria Enclave will be Rs40,000 which was Rs62,809 earlier.
The tax department has fixed Rs10 million with possession and Rs8.5 million without possession per kanal of farmhouses in Gulberg Greens.
It is pertinent to mention here that FBR on December 15, had notified an up to 700 per cent increase in fair market value of immovable properties in 40 cities including Islamabad.
Later, the department had suspended the valuation rates till January 15, 2022, when stakeholders including the Federation of Realtors Pakistan staged a demonstration against the new valuation rates outside the FBR building.