Islamabad February 12 2025: FBR made changes for determination of the fair market value of the immoveable properties in respect of residential, commercial, and industrial areas of Karachi.
For the purpose of achieving fair market value of residential, apartments, commercial and industrial properties the concept of covered area is added. In particular, the value of the commercial plots of Defence Housing Authority facing any Khayaban shall be increased by 15%.
In exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001 (XLX of 2001), the Federal Board of Revenue is pleased 1o direct that the following amendments shall be made in its Notification No. S.R.O.1724(l)/2024, dated the 29th October 2024, namely.
For Karachi FBR made the following additions
(a) values in the above Table are in rupees;
(b) value is per square foot of the covered area of the ground floor plus covered area for the additional floors;
(c) values for the amenity plots shall be 50% of the residential plots of the respective area;
(d) commercial property built up value is per square foot of the covered area of the ground floor plus covered area of the additional floors. If any;
(e) buildup industrial property value is per square foot of the entire plot area plus covered area of the plot per square foot;
(f) value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional storey i.e. value of each storey other than ground floor shall be calculated @25% of the value of the ground floor
(g) a property which does not appear to fall in any of the categories shown in the property valuation table shall be deemed to fall in the adjacent highest property;
(h) whether the land has been granted for more than one purpose viz. residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate;
(i) a flat means the covered residential tenement having separate property unit number/ sub-property unit number;
(j) in residential, multi storey building. additional storey shall be charged if it consists of bed room and bath room:
(k) the rates for basements of built in commercial property shall be 20% of the value of ground floor;
(l) high rises means a building with Storeys above ground plus five;
(m) the value of the residential built-up property (including basement and first floor) is allowed to be reduced by zero in value upto 5 Years, for 5 to 10 years old structure 5% reduction is allowed, 10 to 15 years 7.5% reduction is allowed, 15 to 20 years 10% reduction is allowed and more than 25 years value is equal to open plot.
(n) the value of built-up property (flats and apartments) is allowed to be reduced by zero in value upto 5 Years, for 5 to 10 years old structure 10% reduction is allowed, 10 to 20 years 20% reduction is allowed, 20 to 30 years 30% reduction is allowed and more than 30 years value is equal to 50%.
(o) the value of commercial built up property is allowed to be reduced by zero in value upto 5 Years, for 5 to 10 years old structure 10% reduction is allowed, 10 to 20 years 20% reduction is allowed, 20 to 30 years 30% reduction is allowed and more than 30 years value is equal to 50%.
(p) the value of the commercial plots of Defence Housing Authority facing any Khayaban shall be increased by 15%;
(q) the value of commercial built up excluding ground floor shall be reduced by 25%: and
(r) the value of residential plots of the following categories shall be decreased by 20%
(i) Nala facing plot; (ii) commercial-facing plot; (iii) school facing, mosque facing plot/ graveyard facing plot; and (iv) Rear plot (back Side plot)/ triangle plot
