The Federal Board of Revenue (FBR) has issued a notice stipulating a 46% increase in the price of properties for 22 big cities including Karachi, the new rates will be effective from July 24, as per the notification.
Four categories of properties are specified in the notification. For the A-1 category of residential property, there is an increase of 66 percent in price.
The hike in the rates of commercial property and open residential property is 20 percent and 23 percent, respectively.
In category 1, the FBR increased Rs 24,000 per square yard of a built residential property and Rs 30,000 on an A-1 open-plot commercial property. In category 2, Rs46,000 will be the new price per square meter of a residential property, while in category 3, the price will go from Rs800 to 2,000 per square meter of residential property. in category 4, the price is increased from Rs500-2,000 per square yard of a residential property.
Property values have also increased for Islamabad, Rawalpindi, Lahore, Peshawar, Sialkot, Quetta, Gujrat, Faisalabad, Multan, Sukkur, Hyderabad, Mardan, Abbottabad and Gwadar.
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27 September, 2019