FBR increases property rates of 45 cities by 5% in line with IMF conditions

Fulfilling yet another commitment to the International Monetary Fund (IMF), the Federal Board of Revenue (FBR) has announced a new notification on official real estate rates in 56 cities across Pakistan.

Effective November 1, property rates in forty-five of these cities will increase by up to five percent, equaling approximately eighty percent of current market rates.

However, the old real estate rates will remain unchanged in eleven major cities, including Karachi, Lahore, Rawalpindi, Islamabad and Multan. Important cities like Quetta, Gwadar, Bahawalpur, Lasbela, Rahim Yar Khan and Sargodha will also maintain their existing rates.

The new rates will be applicable to other cities including Peshawar, Abbottabad, Faisalabad and Gujarat. Also, revised rates have been released for Attock, Haripur, Hyderabad, Wazirabad, Sahiwal and Gujranwala. Changes were also made in Bahawalnagar, Bannu, Bhakkar, Chakwal, Chiniot, Dera Ismail Khan and Dera Ghazi Khan.

More notifications have been issued for property prices in Murree, Ghoda Gali, Jhang, Ghotki, Jhelum, Kasur, Kohat, Khushab, Hafizabad, Kotli Sattian, Larkana and Lodhran. Prices also changed in Wazirabad, Sheikhupura, Sialkot, Sukkur, Talagang and Toba Tek Singh. New notifications have been issued for Whari, Mandi Bahauddin, Mansehra, Mardan, Mianwali and Mirpur Khas, as well as Nankana Sahib, Narwal and Nowshera.

FBR’s revision of property rates is expected to increase tax revenue while complying with international fiscal obligations.