The rates for valuing real estate in urban centers will be revised to keep up with market rates. FBR said on Tuesday, October 12, 2021. Agent in real estate agencies is also helping individuals in Islamabad and other big cities in Pakistan regarding the rates.
Under sub-section (4) of section 68 of the Income Tax Ordinance 2001, the officers have been directed for valuation tables of immovable property, in agreement to Chief Commissioners Regional Taxpayers Offices (RTOs) around the country. As the FBR’s current valuation table is close to 60 to 70% of market rates, an upward revision will assist the FBR to match with current market rates reads a report in The News
New valuation tables for real estate
The Chief Commissioner of Inland revenues must approve the new valuation tables. For Statutory Regulatory Order (SRO), the refreshed valuation tables would be imparted to the board for distribution. The current SRO could be assessed.
Ahsan Malik, General Secretary for the real estate consultant association, said that the FBR should add a spoke person of a real estate agency in Islamabad and respective cities to have their input while reviewing the valuation tables.
Real estate rates in Pakistan
There are three rates to evaluate a property in Pakistan:
- on the ground
- DC rate
- FBR rate
FBR requires an explanation of origins at least to the expanses of this valuation and the actual market rate which is usually 5 to 10 times more than the DC rate and 2 to 4 times the FBR rate.
Rate policy for real estate in Islamabad
There is a decrease in the DC rate in Islamabad. Islamabad RTO must consider this when adjusting valuation tables in various Islamabad locations.
Individuals who don’t have a lot of skill in business find it simple to make an interest in real estate agencies in Islamabad and Pakistan, as this speculation is safe, and results in significant benefits.
We hope that this article has helped you to know about the FBR policy about property rates in Pakistan. If you want to connect to an online real estate business in Islamabad and to know about amazing projects like Hills Avenue, AH Theme Avenue, and other amazing real estate businesses in Islamabad. You can visit Connectorpk for more details on a real estate agency in Islamabad.