FBR sharply cuts property values of FOECHS Rawalpindi
ISLAMABAD: The Federal Board of Revenue (FBR) has substantially reduced the notified fair market values of open plots in two categories of the Foreign Office Employees Cooperative Housing Society (FOECHS) in Rawalpindi, revising downward the rates prescribed under its 2024 property valuation notification.
Through SRO 1382(I)/2026 issued on Monday, the FBR has amended SRO 1728(I)/2024 dated October 29, 2024.
The amendment specifically changes the figures appearing in Column (6), relating to the valuation rate of an open plot per square foot, against Entry Nos. 6166 and 6167.
Importantly, these entry numbers are serial numbers in the FBR’s property valuation table and are not PCT/HS codes.
The original SRO 1728(I)/2024 superseded the earlier 2022 Rawalpindi property valuation notification and prescribed fair market values for residential, commercial and agricultural properties.
Under Entry No. 6166, the property is identified as Foreign Office Employees Cooperative Housing Society, classified as commercial, with an on-road location.
The original rate in Column (6) was Rs8,542.5 per square foot. Under the latest amendment, this has been reduced to Rs7,353 per square foot.
This represents a reduction of Rs1,189.5 per square foot, or approximately 13.93 percent.
The superstructure rate under Column (7), Rs2,290 per square foot, remains unchanged.
Entry No. 6167 covers the same Foreign Office Employees Cooperative Housing Society but classifies the property as residential, with an off-road location.
The previous Column (6) rate was Rs5,025.1 per square foot, which has now been reduced to Rs1,431 per square foot.
The reduction is Rs3,594.1 per square foot, equivalent to approximately 71.55 percent.
The superstructure rate of Rs980 per square foot remains unchanged.
The original FBR table confirmed the two entries and their respective classifications, locations and rates.
Copyright Business Recorder, 2026