Islamabad, 30 October 2024 : The Federal Board of Revenue (FBR) has revised the property valuation table across Pakistan to ‘Raise more revenue” from real estate sector.
The FBR issued a notification to this effect here on Wednesday. The new property transfer rates will come into force from November 1,2024.
Under the new property valuation table , the rates of all properties including commercial and domestic have been increased by 80 % . The government decision to review property valuation rates by 80 % are going to make property business more attraction- less for investors in Pakistan.
As a strategy to discourage investment in:the property business , Shahbaz government has taken a number of punitive steps in the last few months like introducing Federal Excise Duty (FED) to real estate sector and banning of non-filers to buy any property in the future.
The PDM government, again led by Mr Shahbaz Sharif , had introduced Form 7 for the buyers and sellers of the real estate in 2023. The government ‘s non-friendly steps have already made the real estate sector a No Go Area for the investors.
Interestingly , the government has not taken any input from Federation of Realtors of Pakistan and Real Estate Agents Association before massively revising the valuation table to increase the rates for property buyers and sellers .
Reacting to FBR move to revise valuation table for property business Federation of Realtors of Pakistan and Real Estate Agents Association President, Sardar Tahir , said ” FBR’s decision to increase the valuation table for property sector has come unilaterally and its going to destroy the real estate sector as a whole .
He said the government loaded undue taxes on the property sector in the last budget and now it has revised valuation table to increase the rates for buyers and sellers to bring the real estate business to a complete halt.
Sardar Tahir deplored that the government was taking punitive measures to stop investment in the real estate sector which was a major source of earning for millions of people of Pakistan , besides running more than 45 industries of this country.
