KARACHI: The Federal Board of Revenue (FBR) has notified the value of residential and commercial property in Karachi, Sukkur and Hyderabad.
The FBR has set the value of residential property in these cities from Rs 3,000 per square yard to Rs 40,000 per square yard, after reaching an agreement with the real estate sector.
Association of Builders and Developers of Pakistan Chairman Hanif Gohar told Daily Times, “The value of property has been determined in consultation with all stakeholders.” He said the FBR accepted the stakeholders’ request to increase the property value gradually over the next five years because a sudden increase in the property value could prove disastrous for the real estate sector.
Answering a question, Gohar said the value of property in Karachi was more than 100 per cent higher than the value set by deputy commissioners. He said the FBR had placed various cities in eight categories (A-1, I, II, III, IV, V, VI, VII and VIII). The value of residential property in A-1 areas has been set at Rs 40,000 per square yard, while the value of residential property in other areas has been set at Rs 32,000, Rs 20,000, Rs 11,000, Rs 6,000, Rs 4,000, Rs 3,000, Rs 28,000 and Rs 11,000 per square yard.
In Karachi, the FBR has placed 12 residential areas in A-1 category, 45 areas in category I, 20 areas in category II, 34 areas in category III, 28 areas in category IV, 36 areas in category V, three areas in category VI and one area of the city in category VIII.
The areas in A-1 category are Bath Island, Civil Lines, Clifton Quarters, Dhoraji Cooperative Housing Society, Garden East Quarters, KDA Officers Housing Society, Upper Gizri, Sindh Muslim Cooperative Housing Society, KDA Society 1 & 1A, Defence Housing Authority Phase I, II, III, and V, Karachi Administrative Cooperative Housing Society, Muhammad Ali Cooperative Housing Society and Pakistan Employees Cooperative Housing Society.
Similarly, the FBR has determined the value of residential plots from Rs 35,000 per square yard to Rs 6,000 per square yard. The value of commercial plots ranges between Rs 100,000 per square yard and Rs 25,000 per square yard. The value of commercial property ranges between Rs 67,500 per square yard and Rs 18,000 per square yard. The value of industrial plot ranges between Rs 12,000 per square yard and Rs8,000 per square yard. The minimum value of industrial property is Rs 3,000 per square foot, while the value of flats/apartments ranges between Rs 5,000 per square foot and Rs 1,500 per square foot.
In Sukkur, the FBR notified the value of residential plot from Rs 4,000 per square yard to Rs 700 per square yard. The value of residential property ranges between Rs 6,000 per square yard and Rs 1,500 per square yard. The value of commercial plots ranges between Rs 15,000 per square yard and Rs 4,000 per square yard. The value of commercial property ranges between Rs 14,000 per square yards and Rs 3,000 per square yard. The value of industrial plot has been fixed at Rs 500 per square yard, while the value of industrial property has been fixed at Rs 500 per square foot. The value of flats/apartments ranges between Rs 900 per square foot and Rs 300 per square foot.
In Hyderabad, the value of a residential plot ranges between Rs 25,000 per square yard and Rs 15,000 per square yard. The value of residential property ranges between Rs 26,000 per square yard and Rs 16,000 per square yard. The value of commercial plots ranges between Rs 100,000 per square yard and Rs 40,000 per square yard. The value of commercial property ranges between Rs 75,000 per square yard and Rs 40,000 per square yard. The value of industrial plot ranges between Rs 3,000 per square yard and Rs 1,800 per square yard. The FBR has fixed the value of an industrial property at Rs 4,000 to Rs 2,000 per square foot. The value of flats/apartments ranges between Rs 2,100 per square foot and Rs 700 per square foot.