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:

 

 Category Residential open plot per square yard Residential Built up Property per square yard Comm

ercial open plot per square yard

Comme

rcial Built up Property per square yard

Industrial open plot per square yard Industrial Built up Property per square foot Flats/

Apartments per square foot

(1) (2) (3) (4) (5) (6) (7) (8)
A-I 80,000 105,000 200,000 220,000 15,000
I 50,000 62,000 140,000 155,000 21,895 4,370 10,260
II 23,000 34,000 120,000 130,000 18,240 4,370 5,700
III 11,000 20,000 50,000 59,000 3,420
IV 9,000 17,000 37,000 46,000 2,280
V 3,500 9,000 8,000 14,000 1,368
VI 2,000 7,000 4,000 10,000 684
VII 40,000 50,000 135,000 145,000 11,400
VIII 11,000 20,000 50,000 59,000 3,420
IX 15,000 25,000 75,000 85,000 5,814
X 16,000 26,000 80,000 90,000 6,840

 

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:

 

 Category Residential open plot per square yard Resid

ential Built up Property per square yard

Commercial open plot per square yard Comm

ercial Built up Property per square yard

Industrial open plot per square yard Industrial Built up Property per square foot Flats/

Apar

tments per square foot

(1) (2) (3) (4) (5) (6) (7) (8)
A-I 42,000 48,000 120,000 81,000 6,000
I 30,000 38,000 90,000 64,000 11,524 2,300 5,400
II 14,400 24,000 72,000 42,000 9,600 2,300 3,000
III 7,200 13,200 30,000 21,600 1,800
IV 6,000 7,200 22,800 12,000 1,200
V 2,160 4,800 4,800 7,560 720
VI 1,080 3,600 2,400 5,400 360
VII 24,000 33,600 84,000 18,000 6,000
VIII 7,200 13,200 30,000 21,600 1,800
IX 9,000 10,058 45,600 3,060
X 10,200 12,000 45,600 3,600

 

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

Existing valuations of immovable properties in Karachi

Leave a Reply

You have to agree to the comment policy.