ISLAMABAD: Federal Board of Revenue (FBR) has increased valuation by around 20 percent for immovable properties located in Karachi.
The FBR issued SRO 120(I)/2019 on Friday to revise upward the valuation of immovable properties located in Karachi city.
Previously, the FBR issued SRO 662(I)/2016 dated August 02, 2016.
Following the valuations issued under SRO 120(I)/2019
Following are the old valuations issued under 662(I)/2016
(i) Values in the above Table are in rupees;
(ii) value is per square yard of the covered area of ground floor plus covered area for the additional floor;
(iii) commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floor, if any; (iv) built up industrial property value is per square yard of the plot area per square foot;
v) the value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional storey i.e. value of each storey other than ground floor shall be calculated @ 25% of the value of the ground floor;
(vi) a property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall in the adjacent lowest category of the Appendix;
vii) whether the land has been granted for more than one purpose. viz residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate;
(viii) a flat means the covered residential tenement having separate property unit number/subproperty unit number;
(ix) in residential, multi storey building, additional storey shall be charged if it consists of bed room and bath room;
(x) the rates for basements of built in commercial property in categories I, II, III and IV shall be Rs. 13,500 per square yard;
(xi) area-wise categories are in the following Appendix.
The FBR issued valuation of immovable properties for 196 different areas in Karachi city.