Daily Times

The Federal Board of Revenue (FBR) on Tuesday decided to engage top property valuation experts of the State Bank of Pakistan (SBP) for proper assessment of properties. According to a press statement issued by the board, the SBP experts would hold meaningful consultations with the key stakeholders including real estate agents and town developers. The initiative has been necessitated after the board received a number of complaints from different quarters wherein property valuation had been reported to be beyond the market price. The FBR statement said that the recently notified property valuation by FBR was finalized with due diligence and through a consultative process by the field formations. This upward revision of property valuation across the country was aimed at bringing the property value closer to the market price, in line with the global best practices. This rigorous exercise was reasonably good, the statement added.