Initially rescheduled for a later date after causing an uproar among stakeholders, the Federal Board of Revenue (FBR) will announce the new property valuation rates for Islamabad on 1 February 2021.
According to the new valuation, the price of land in the residential area of E-7 has been fixed at Rs. 150,000 square yards. In 2019, the price of land in the E-7 residential area was fixed at Rs. 94,500. The price of land in the area of E-11 has been fixed at Rs. 70,000 per square yard. In 2019, the price in the E-11 residential area was Rs. 41,800 per square yard.
According to the new valuation, the price in the F-7 area would be Rs. 140,000 per square yard. In 2019, the FBR had set a price of Rs. 91,700 per square yard in F-7. According to the new valuation in F-6, the price has been fixed at Rs. 140,000 According to the notification of 2019, the price was fixed at Rs. 93,500 in F-6.
In the F-10 residential area, the price per square yard has been increased from Rs. 78,100 to Rs. 115,000. In the F-11 residential area, the price has been increased from Rs. 74,800 per square yard to Rs. 110,000 per square yard.
Prices of commercial shops, flats, basements in Blue Area Islamabad were fixed per square yard previously. However, the new valuation puts the price per square foot at fixed rates. According to the new valuation, the price per square foot of shop in Blue Area Islamabad has been fixed at Rs. 48,611. As per the new valuation, the price per square foot of flat or office in the Blue Area would now be Rs. 18,889. In the previous notification, the price per square yard of flat or office in the Blue Area was fixed at Rs. 92,664.
According to the new valuation, the price of an industrial plot per canal has been increased. According to the new valuation, the price per canal in I-Nine Industrial Area has been fixed at Rs. 10 million.
According to the new valuation, the price of a Kanal farmhouse in Chak Shehzad has also been increased. According to the new valuation, the price of a Kanal farm in Chak Shehzad has been fixed at Rs. 80 lakhs. The cost per Kanal was Rs. 50 lakhs.
GS Real Estate Consultants, Ahsan Malik, has said that FBR’s job is not property valuation as it is the DC’s job, and valuation should be given to Deputy Commissioner. Property prices would be increased by 25 percent, he remarked.
Update:Â The implementation of revised property rates is likely to be postponed till 1 March 2022.
A few paragraphs in the beginning are very confusing
Valuation rates of commercial and residential property in Islamabad have been increased by FBR but final implement ation date has not been announced. The announcement may be made after doing a good home work.