The Federal Board of Revenue (FBR) has increased the valuation rates of immovable properties by 10 to over 100 percent, pushing the rates to nearly 95 percent of the market value, reported 24NewsHD TV channel.

Hike in valuation rates has also jacked up the transfer fee. The move is aimed at collecting more taxes from the properties including commercial, residential, apartments and flats.

The Bureau jacked up the valuation rates of FBR-notified rates by 10 to 15 percent of immovable property in 38 cities out of country’s 40 major cities.

The two cities whose property rates have not been fixed are Karachi and Sargodha and a rate list would be issued after evaluation.

It seemed that owning a house in the ‘Naya Pakistan’ after FBR’s revised property rates has become a dream.

Also, the FBR revised the major cities list from 21 to 40 adding 19 cities in the list including 13 from Punjab, three from Sindh, two from KP and one from Balochistan. 

Cities which property rates increased are: Lahore, Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Toba Tek Singh DI Khan, Sukkur, Sialkot, Sukkur, Sheikhupura, Sahiwal, Faisalabad, Rawalpindi, Rahim Yar Khan, Quetta, Peshawar, Narowal and others.

For Islamabad, any size of plot in square yards in E-7, the valuation rate will be Rs250,000 per square yard, F-6 Rs200,000 per square yard, F-7 Rs 350,000 per square yard, E-11 Rs110,000 per square yard, B-17 Rs55,000 per square yard, D-12 Rs100,000 per square yard, Faisal Town Rs55,000 per square yard, F-8 Rs200,000 per square yard, G-11 Rs150,000 per square yard, Mumtaz City Rs39,735 per square yard, Bahria Town Rs49,668 per square yard, and Bani Gala Rs36,363 per square yard.

The valuation rates of immovable property in the shape of flats and apartments is fixed in E-7 at Rs251,500 as value per square foot. For commercial property, the valuation of shop in Blue Area has been fixed at Rs680,420 per square foot, first floor in Blue Area Rs168,856 per square foot.

According to the new prices, the price of a residential plot in Allama Iqbal Town Lahore per marla is R1.85 million, from Band Road to Chowk Yatim Khana Lahore per marla price is Rs2150000, DHA per marla rate is Rs2750000, Rs3.5 million on Mall Road, Rs2.65 million on Jail Road, Rs2.5 million on Hall Road, Rs5.9 million on Egerton Road front side and Rs5.5 million per marla has been fixed on Empress Road front side.

Rs4.15m per marla on Ferozepur Road, Rs3.15m on Zahoor Elahi Road Gulberg, Rs10m in Alamgir Market and Azam Cloth House per marla residential plot rate is fixed at Rs20m.

The revised rates include prices of commercial, residential, apartments, flats and other areas.

In many areas the property rates have been increased by  95 percent of the market value.

Reporter Waqas Azeem