Valuation rates of immovable properties: Rates go up by 100pc to over 600pc in one go

ISLAMABAD: The Federal Board of Revenue (FBR) has considerably raised valuation rates of immovable properties within the range of 100 to 600 percent of major cities depending upon location, size and commercial/business areas.

Comparing old and new values, tax experts told Business Recorder that in 2019, the FBR had increased the valuation rates of property by 30 to 85 percent.

On the other hand, an extraordinary increase has been made in the values with effect from December 1, 2021.

According to the real estate agents, the rates went up by 100 to over 600 percent in one go.

As a result of new values, the sale/purchase of big plots might be affected severely as the real estate experts apprehended that the property business might witness the worst dip in months ahead, if the government did not revise down the existing valuation rates.

According to a notification issued by the FBR, the valuation table for DHA-1 Rawalpindi for the residential property per marla increased from Rs640,000 in 2019 to Rs4.5 million per marla off the road and Rs5.4 million per marla on the road. For commercial property, the valuation has been increased from Rs3.5 million per marla in 2019 to Rs8.5 million per marla off the road and Rs12.75 million per marla in 2021 on the road.

In Satellite Town Rawalpindi, the valuation of residential property per marla on fixed at Rs2.25 million on off the road property and Rs3.15 million per marla on the road. For commercial property, the valuation rate was fixed at Rs5.1 million per marla off the road and Rs6.8 million per marla on the road.

The valuation rate at Chandani Chowk Rawalpindi has been fixed at Rs2.25 million for residential plot per marla off the road and Rs3.1 million per marla on the road.

For commercial property in Chandani Chowk Rawalpindi, the valuation rate fixed at Rs5.9 million per marla off the road and Rs7.6 million per marla on the road.

On Murree Road, the valuation of immoveable property stands at Rs4 million per marla for residentioal area off the road and Rs4.9 million per marla on the road.

While for commercial area on the Murree Road, the valuation has been fixed at Rs8.5 million per marla off the road and Rs10.2 million per marla on the road.

On Bank Road Rawalpindi, the valuation for residential area fixed at Rs2.7 million per marla off the road and Rs3.7 million on the road.

The commercial area valuation was fixed at Rs19.55 million per marla off the road and Rs29.7 million on the road at Bank Road Rawalpindi.

For Islamabad, for per square yard size for residential area for immoveable property in D-12, the valuation rate was revised upward from Rs53,295 to Rs100,000 per square yard, E-7 from Rs94,500 to Rs 350,000 per square yard, E-11 from Rs41,800 to Rs 110,000 per square yard, F-6 from Rs93,500 to Rs200,000 per square yard, F-7 from Rs91,700 to Rs 350,000, F-8 from Rs88,000 to Rs1,290,000 per square yard, F-10 from Rs78,100 to Rs160,000 per square yard and value for F-11 from Rs74,800 to Rs140,000 and sector I-8 has been fixed at Rs116,400 per square yard.

The valuation rates for apartments is fixed at Rs251,500 for E-7, Rs201500 for flat in F-6, Rs351,500 per flat in F-7, Rs8,000 for flat in E-11, Rs105,000 for flat in B-17, Rs260,000 in F-8.

For Commercial area in Islamabad Blue Area, the valuation rate is fixed at Rs680,420 per square foot per shop, mezzanine flat/offices Rs174,560 per square foot.

For Super Market ground shop the valuation rate is fixed at Rs240,000.

Copyright Business Recorder, 2021