March 03, 2022 (MLN): The Federal Board of Revenue (FBR) has revised the fair market value of immovable properties on Wednesday in categories including residential, commercial, industrial and flats/apartments of the different areas of Karachi.
As per the notification, the valuation of a residential open plot per square yard is ranging from Rs1,665 to Rs73,125 for the A-I to X categories. Meanwhile, the residential built-up property, commercial open plot, commercial built-up property, and flats/apartments per square is ranging from Rs4,995 to Rs81,000, Rs3,600 to Rs180,000, Rs5,994 to Rs103,500, Rs605 to Rs7,313 per square yard, respectively.
Meanwhile, the value of the built-up property (Flats and Apartments) has been reduced by up to 50%. Similarly, the valuation of commercial built-up property has declined by up to 10%. In addition, the value of commercial built-up excluding the ground floor is reduced by 25%.
On the other hand, the value of commercial Plots of Defence Housing Authority (DHA) facing Khayaban is increased by 10% while, the value of residential plots including Nala facing plot, commercial facing plot, school facing, mosque facing plot/Graveyard facing plot, and rear plot (Back Side plot)/Triangle plot may be decreased by 25%.
To note, the rear plot is the one lying behind the front portion only connected with a separate narrow corridor and not visible from the road.
Furthermore, the notification has explained that value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional story i.e, the value of each storey other than the ground floor shall be calculated at 25% of the value of the ground floor.
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.
In a residential, multi-storey building, the additional storey shall be charged if it consists of a bedroom and bathroom and the rates for basements of built-in commercial property in categories I, II, II and IV shall be Rs13,500 per square yard.
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