The Federal Board of Revenue (FBR) on Tuesday notified fair market value for cities under section 68 of the Income Tax (Amendment) Ordinance, 2016 which comes into effect from July 1, 2016.
The FBR has directed all its chief commissioners to personally monitor the matter as it involves substantial revenue implications. They have been informed that under the ordinance, withholding tax on the sale and purchase of immoveable property will be collected by the FBR according to the notified rates.
In total 193 residential and commercial areas in the mega city of Karachi have been divided into 9 categories. The highest notified rate for Karachi is A-1 category, which has a rate of Rs 35,000 per square yard for residential open plots, while the residential built-up property will be charged at Rs 40,000 per square yard. In the same category the commercial open plot is market valued at Rs 100,000 per square yard, while commercial built-up value is set at Rs 67,000 per square yard. The flats in this category have been assessed at Rs 5,000 per square foot.
The fair market value of residential and commercial areas of Lahore, spread over 34 pages, starts from the Allama Iqbal Town and ends at DHA-X. The value of property in DHA schemes is one of the highest in Lahore. With Defense Phase I having a rate of Rs 672,000 per Marla (30.25 square yards) while commercial plots have a rate of Rs 1.92 million per Marla. Defense Phase III Y,Z Blocks have the highest rate of Rs 768,000 per Marla with commercial land assessed at Rs 3.18 million per marla.
Islamabad real estate is covered in eight pages while Rawalpindi has two additional pages. The prices for 1,000 square yard residential plots in F11 and F10 have been assessed at Rs 42,050 per square yard; in F6, F7 and F8 the value has been set at Rs 48,550 per square yard and in E7 at Rs 57,150 per square yard. Blue area has the highest rate in commercial property of Rs 123,750 per square yard.
The FBR’s fair market values will be notified for cities including Islamabad, Rawalpindi, Sialkot, Faisalabad, Lahore, Sargodha, Mardan, Abbotabad, Peshawar, Quetta, Gwadar, Karachi, Sukkur and Hyderabad.
PROPERTY PRICES IN KARACHI:
The FBR’s notification divides Karachi into 9 categories. Category ‘A-1’ includes areas of Dhoraji, Clifton, Civil Line, DHA phase one and two.
Category ‘One’ includes areas of DHA phases four and six, Bombay Bazaar, Burns Road, and Fatima Jinnah Colony.
Under category ‘One’ the price of residential plots is Rs 25,000 per square foot; that of a house, Rs 32,000; commercial property, Rs 75,000 and flats, Rs 4,500 per square feet.
Defence Housing Scheme Malir, Federal-B Area and Firdouse Colony make up category ‘Two’.
In category ‘Two’ the price of residential plots has been set at Rs 12,000 per square foot; that of houses, Rs 20,000; commercial property, Rs 60,000 and flats, Rs 2,500 per square foot.
Under category ‘Three’ which includes areas of Bufferzone, KDA Scheme 7, Darakshan Cooperate Society, and Dehli Colony the prices of residential plots have been set at Rs 6,000; houses, Rs 13,000; commercial property, Rs 25,000 and flats, Rs 1,500 (per square feet).
PROPERTY PRICES IN ISLAMABAD:
According to the FBR notification the prices of plots in the federal capital have been increased from Rs 22,000 to Rs 56,000 per square yard in Sector-7.
Similar to Sector-7, prices in Sector F-6 have been increased from Rs 18,000 to Rs 48,000. In Sector F-11 prices have been increased from Rs 18,000 to Rs 42,000. Sector G-7 will see the prices go up from Rs 16,000 to Rs 41,000 while prices in Jinnah Avenue have also been increased from Rs 75,000 to Rs 114,000.
The prices of plots in Sector-11 and Sector I-8 have been set at Rs 26,000 and Rs 38,000 per square yard.
The property prices have doubled in Islamabad’s Blue Area. Ground floor shops in the Supermarket area are priced at Rs 123,000 per square yard. In Sector F-8 the ground floor is priced at Rs 58,000 and Sector F-9 is priced at Rs 70,000 per square yard.
IF THIS POLICY IS BENEFITED FOR MY GREAT COUNTRY WE WELCOME IN THE DEPTH HEART AND DO IT BY HOOK AND CROCK BECAUSE ALL PAKISTANI WANT TO SAVE THERE COUNTRY.IF YOU ARE HONEST GOD WILL HELP YOU INSHALLAH
On the off chance that THIS POLICY IS BENEFITED FOR MY GREAT COUNTRY WE WELCOME IN THE DEPTH HEART AND DO IT BY HOOK AND CROCK BECAUSE ALL PAKISTANI WANT TO SAVE THERE COUNTRY.IF YOU ARE HONEST GOD WILL HELP YOU INSHALLAH
Can any one please tell me the reason of increasing tax on real estate.
I heared that our authority want to invest in Dubai real estate ,that's why it increases tax in our country…is it true??
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