The Federal Board of Revenue (FBR) has reduced the values of immovable properties in 40 cities from March 1, 2022, by bringing down the unrealistic high market values fixed in December 2021.
The FBR has issued 40 notifications to downward revised valuation tables here on Thursday.
In December 2021, to fix the fair market value of immovable properties, the FBR had revised upward the values of residential and commercial immovable properties located in 40 major cities across the country. The values of almost all residential and commercial immovable properties of Pakistan were increased in an attempt to bring them at par with the fair market values.
The FBR suspended the valuation notifications till Feb 28 and issued downward revised values of immovable properties from March 1, 2022, in consultation with stakeholders including developers and builders.
The FBR has reduced the market values of residential and commercial immovable properties located in Abbottabad; Attock; Bahawalnagar; Bahawalpur; Chakwal; Dera Ismail Khan; DG Khan; Faisalabad; Ghotki; Gujranwala; Gujrat; Gwadar; Hafizabad; Hyderabad; Islamabad; Jhang; Jhelum; Karachi; Kasur; Khushab; Lahore; Larkana; Lasbala; Mandibahauddin; Mansehra; Mardan; Mirpurkhaas; Multan; Nankna; Narowal; Peshawar; Quetta; Rahim Yar Khan; Rawalpindi; Sahiwal; Sargodha; Sheikhupura; Sialkot; Sukkur, and Toba Tek Singh.
Source: Pro Pakistani