Fair market value of properties in Karachi, Lahore, Islamabad among 56 cities revised

Pakistan's Federal Board of Revenue (FBR) has revised upwards the fair market value of immovable properties by up to 75 percent in 56 cities after a gap of two and a half years.

This change, effective from November 1, 2024, covers residential and commercial areas.

The cities affected by this revision include Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafiz Abad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.

Officials told Nukta that the FBR developed this decision after reaching a consensus with developers and builders at its headquarters. The aim was to adjust property valuation rates to be closer to market values, resulting in up to 75 percent increase in these rates.

Initially, FBR published values for only 46 cities, with valuations for cities like Karachi, Islamabad, Rawalpindi, and Lahore to be notified on Wednesday (today).

Previously, FBR adjusted property valuations in 2018, 2019, 2021, and 2022.

However, Real Estate Analyst Ahsan Malik criticized FBR for not issuing valuation tables based on mutually agreed property values.

He said FBR stifled the economy by releasing property values suddenly rather than during the budget announcement.