The Federal Board of Revenue has shared the revised rates for valuation of immovable properties for 20 cities, including Karachi.
Although the rates had been set in February 2019, they became effective from 24th July 2019.
The following is the revised rates for Karachi:
|Category||Residential open plot per square yard||Residential built-up property per square yard||Commercial open plot per square yard||Commercial built-up property per square yard||Industrial open plot per square yard||Industrial built-up property per square foot||Flats/Apartments per square foot|
(i) Values in the above Table are in rupees;
(ii)Value is per square yard of the covered area of ground floor plus covered area for the additional floors;
(iii) Commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floors if any;
(iv) Built-up industrial property value is per square yard of the plot area per square foot;
(v) the 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;
(vi) 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;
(vii) 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;
(viii) a flat means the covered residential tenement having separate property unit number/sub-property, unit number;
(ix) in a residential, multi-story building, the additional story shall be charged if it consists of a bedroom and bathroom;
(x) the rates for basements of built-in commercial property in categories I, 11, III and IV shall be Rs. 13,500 per square yard; and
(xi) area-wise categories are in the following Appendix.
For the appendix, click here.
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