November 01, 2024 (MLN): The Federal Board of Revenue (FBR) has issued updated property valuations across Karachi’s residential, commercial, and industrial zones, effective November 1, 2024, under SRO 1724(I)/2024.
Replacing the 2022 rates, The revised values aim to standardize tax assessments based on current market dynamics.
The highest valuations have been noted in prime localities like the Defence Housing Authority (DHA) and Clifton. For instance, DHA Phase V, Zamzama reached a commercial built-up rate of Rs75,000 per sq ft and a residential built-up rate of Rs60,000 per sq ft.
Meanwhile, the Army Officers Housing Scheme near National Stadium commanded rates of Rs50,000 per sq ft for open plots, which rose to Rs75,000 per sq ft for commercial built-up areas.
The Air Force Officers Housing Scheme, Baloch Colony rate is Rs30,000 per sq ft valuations for open residential plots and Rs45,000 per sq ft for commercial built-up properties.
For mid-tier areas, Federal B Area plots are valued at Rs1,400 per sq ft for open residential and Rs12,000 per sq ft for commercial built-up plots.
Commercial open plot in Nazimabad valued set at Rs12,000 per sq ft, according to the notice.
In industrial zones, such as the Korangi Industrial Area, open plots are valued at Rs2,600 per sq ft, while built-up industrial areas reach Rs3,400 per sq ft.
