ISLAMABAD/KARACHI: The Federal Board of Revenue (FBR) has raised property valuation rates for various neighborhoods in Karachi, effective November 1.
The updated rates vary widely across the city. For example, properties on Abdullah Haroon Road are valued at Rs. 5,000 per square foot, while those in Air Force Society are set at Rs. 30,000 per square foot.
In other areas, Akhtar Colony and Alfalah Society have a valuation of Rs. 1,400 per square foot, and Ali Basti is set at Rs. 700 per square foot.
Key areas like Askari I, II, and III are valued at Rs. 1,100 per square foot, while rates for Askari IV and Askari V are Rs. 8,200 and Rs. 15,000 per square foot, respectively.
In the Defence Housing Authority (DHA), Phase I to VII is set at Rs. 8,200 per square foot, Phase VII Extension at Rs. 5,000, and Phase VIII at Rs. 7,300.
This revision aligns with the FBR’s wider initiative to raise property valuation rates to 75% of actual market prices in 56 cities, aiming to boost revenue collection and combat property undervaluation.
The revised rates will apply to commercial, industrial, and residential properties, with a detailed notification to be issued following approval from the FBR chairman.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
