FBR proposes phenomenal increase in valuation of Karachi immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to phenomenal increase in valuation for commercial and residential immovable properties in Karachi for the purpose of collection of income tax.

According to new proposed valuation table for immovable properties in Karachi the FBR proposed new rates for seven different categories in 10 areas.

The new rates of immovable properties will be applicable from July 01, 2019.

The FBR said that:

(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 percent for each additional storey i.e. value of each storey other than ground floor shall be calculated at 25 percent 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/sub-property 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;

The proposed valuation of immovable properties in Karachi are:

CategoryResidential open plot per square yardResidential Built up Property per square yardCommercial open plot per square yardCommercial Built up Property per square yardIndustrial open plot per square yardIndustrial Built up Property per square footFlats/ Apartments per square foot
(1)(2)(3)(4)(5)(6)(7)(8)
A-I80,000105,000200,000220,00015,000
I50,00062,000140,000155,00021,8954,37010,260
II23,00034,000120,000130,00018,2404,3705,700
III11,00020,00050,00059,0003,420
IV9,00017,00037,00046,0002,280
V3,5009,0008,00014,0001,368
VI2,0007,0004,00010,000684
VII40,00050,000135,000145,00011,400
VIII11,00020,00050,00059,0003,420
IX15,00025,00075,00085,0005,814
X16,00026,00080,00090,0006,840

The details of the proposed valuations can be downloaded from here.

Proposed rates for Karachi Immovable Properties

The existing valuation of immovable properties in Karachi are:

CategoryResidential open plot per square yardResidential Built up Property per square yardCommercial open plot per square yardCommercial Built up Property per square yardIndustrial open plot per square yardIndustrial Built up Property per square footFlats/ Apartments per square foot
(1)(2)(3)(4)(5)(6)(7)(8)
A-I42,00048,000120,00081,0006,000
I30,00038,00090,00064,00011,5242,3005,400
II14,40024,00072,00042,0009,6002,3003,000
III7,20013,20030,00021,6001,800
IV6,0007,20022,80012,0001,200
V2,1604,8004,8007,560720
VI1,0803,6002,4005,400360
VII24,00033,60084,00018,0006,000
VIII7,20013,20030,00021,6001,800
IX9,00010,05845,6003,060
X10,20012,00045,6003,600

The details of the proposed valuations can be downloaded from here.

Existing valuations of immovable properties in Karachi

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