Daily Times

ISLAMABAD: The recent adjustment of real estate valuation rates in selected areas of some major urban centers of the country is aimed at providing level playing field to all and is likely to boost revenue collection and promote healthy growth of the real estate sector in the long run. The adjustment of property valuation rates has been carried in only a small number of localities out in six large cities. Among these areas and localities where the valuation rates have been adjusted include only one locality (Hayatabad) out of 335 residential localities in Peshawar, one locality (Eden Orchids) in 395 localities of Faisalabad, six localities namely Gujarpura, Anmol Cooperative Housing Society, Attari Saroba, Balhar, Dev Khurd Kalan and EME Society in the entire 1234 localities of Lahore and three sectors of I-15, I-16 and E-12 in the 64 localities of the federal capital.

Similarly, only three out of 195 localities in Karachi and only two localities in Rawalpindi have been adjusted because of certain anomalies in the previous valuation rates. The FBR rates have been revised after several representations made by the various Real Estate Agents Associations in view of the negative impact of the previous FBR notified rates which in certain cases were in excess of true market rates or in few cases reached upto 70 to 80 per cent of the market rates.

Published in Daily Times, January 17^th 2018.