Here are new property rates of Karachi
01 November, 2024 10:46
The Federal Board of Revenue (FBR) has updated property valuation rates for various areas in Karachi.
According to FBR, the new rates will be applicable in the port city from November 01.
For instance, properties on Abdullah Haroon Road and in the Air Force Society are valued at Rs. 5,000 and Rs. 30,000 per square foot, respectively. Akhtar Colony and Alfalah Society have been set at Rs. 1,400 per square foot, while Ali Basti is valued at Rs. 700 per square foot.
Moreover, Askari I, II, and III at Rs. 1,100 per square foot, Askari IV at Rs. 8,200 per square foot, and Askari V at Rs. 15,000 per square foot.
The Defence Housing Authority (DHA) Phase I to VII are set at Rs. 8,200 per square foot, Phase VII Extension at Rs. 5,000, and Phase VIII at Rs. 7,300.
The move behind the initiative by the FBR is to increase property valuation rates by 75% of actual market prices across 56 cities.
The updated rates will encompass categories for commercial, industrial, and residential properties, with a detailed notification expected to be released soon after approval from the FBR chairman.
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