FBR Amends Property Valuation Rates in Karachi

The Federal Board of Revenue has notified an amendment in the property valuation rates in Karachi in order to bring them more closer to the actual market prices. In a notification, the FBR has revised the property rates for residential and commercial properties in different areas of Karachi.

Property Rates in Karachi, Property Karachi, Karachi — FBR Amends Property Valuation Rates in Karachi

According to the notification, the Federal Board of Revenue (FBR) has revised the property rates for more than 200 different areas in the city in an attempt to bring them more closer to the actual market prices. The FBR has added a new I+ category which makes a total of 8 categories for properties in Karachi.

Furthermore, the FBR has made clear of the following points:

Value in respect of a residential building consisting of more than one story shall be increased by 25% for each additional story i.e. value of each story other than ground floor shall be calculated @25% of the value of the ground floor
A property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall in the adjacent lowest category of the Appendix
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
In residential, multi story building, additional story shall be charged if it consists of bed room and bath room
The rates for basements of built in commercial property in categories I,II,II and IV shall be Rs. 13,500 per square yard
High Rises at Serial Number No. 44 of Appendix means a building with Story above ground plus five.

Residential Categories

Category	Residential Open Plot Per Square Yard (Rs.)	Residential Built up Property Per Square Yard (Rs.)	Flats/Apartments Per Square Yard (Rs.)	Amenity Plot Per Square Yard (Rs.)
A-I	73,125	81,000	7,313	37,375
I+	–	–	–	–
I	45,000	56,250	6,188	23,000
II	22,800	30,800	3,375	10,925
III	12,000	16,875	2,138	5,750
IV	9,563	11,250	1,688	4,888
V	6,000	7,800	944	1,680
VI	1,665	4,995	605	840
VII	35,520	44,400	7,770	17,920
VIII	9,900	15,540	3,330	5,040
IX	11,000	13,200	2,750	6,000
X	12,320	14,300	3,220	7,000

Commercial Categories

Category	Commercial Open Plot Per Square Yard (Rs.)	Commercial Built-up Property Per Square Yard (Rs.)	Industrial Open Plot Per Square Yard (Rs.)	Industrial Built-up Property Per Square Yard (Rs.)
(1)	(4)	(5)	(6)	(7)
A-I	180,000	103,500	–	–
I+	160,000	80,000	–	–
I	123,750	73,125	12,124	3,105
II	106,875	56,250	13,824	3,336
III	46,000	28,000	6,000	3,336
IV	38,250	16,875	–	–
V	10,140	11,375	–	–
VI	3,600	5,994	–	–
VII	127,650	61,050	–	–
VIII	48,000	49,248	–	–
IX	52,000	33,000	–	–
X	60,500	36,300	–	–

The FBR has stated that value of residential built-up property in Karachi is allowed to be reduced according to the following criteria:

Sr.No	Age of Built up Structure	Percentage Reduction in Value
1	Upto 5 Years	No reduction allowed
2	5 to 10 Years	5%
3	10 to 15 Years	7.50%
4	15 to 20 Years	10%
5	More than 20 Years	Value equal to open plot

The value of built up property (Flats and Apartments) is allowed to be reduced according to the following criteria:

Sr.No	Age of Built up Structure	Percentage Reduction in Value
1	Upto 5 Years	No reduction allowed
2	5 to 10 Years	10%
3	10 to 20 Years	20%
4	20 to 30 Years	30%
5	More than 30 Years	50%

The value of commercial built up property is allowed to be reduced according to the following criteria:

Sr.No	Age of Built up Structure	Percentage Reduction in Value
1	Upto 10 Years	No reduction allowed
2	10-15 Years	5%
3	15 to 20 Years	8%
5	More than 20 Years	10%

Moreover, the following points are to be noted as well:

The value of Commercial Plots of Defence Housing Authority facing Khayaban is increased by 10%
The value of commercial built up excluding ground floor is reduced by 25%
The value of Residential Plots (Defence Housing Authority) of following categories may be decreased by 25%:

1	Nala facing plot
2	Commercial facing plot
3	School facing, mosque facing plot/Graveyard facing plot.
4	Rear plot (Back Side plot)/Triangle plot

Additionally, the list of complete area-wise revaluation of property rates in Karachi can be downloaded as a PDF from the official website of the Federal Board of Revenue (FBR).

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