ISLAMABAD; The Federation of Realtors Pakistan (FRP) has outrightly rejected the Federal Board of Revenue (FBR) decision of revising upward property valuation rates across Pakistan, saying this one-sided decision was unacceptable .
FRP president, Sardar Tahir Mahmood, on Thursday issued a statement to the media, saying the FBR’s one- sided decision of revising upward valuation rates of the property across Pakistan was a deep-rooted conspiracy against prime minister, Imran Khan, and his government.
FORP vice president and spokesman , Rana M Akram , vehemently opposed FBR’s decision and said basically FBR was on a damagimg move by increasing valuation rates of property in such a big way and FORP will resist it at any cost.
FBR had increased valuation rates of property for all major cities of Pakistan except Karachi and Sargodha. The notification to this effect issued the other day had no mention of any reason of excluding Sargodha and Karachi from the campaign aimed at revising upward the valuation rates of property in major cities. Although, FORP was working closely with FBR to rationalise the valuation rates of property to help the goverment meet a key condition of FATF to get Pakistan out of its grey list. However, FORP and government had an understanding that FBR will revise upward the valuation rates of property in phases so that real estate sector digusts it accordingly. The FBR, instead, took a one- sided decision of jacking- up valuation rates of property without taking the realtors into confidence . The new valuation rates of property has created panic in real estate sector. The investors and builders are in a shock over big upward revision in valuation rates of property. After major upward revision in valuation rates of property, there was a probablity of reversal of growth of construction industry . FORP General secretary, Chaudhary -Zahid Rafiq, also strongly opposed the new valuation rates of property and demanded of prime minister, Imran Khan, to stop FBR from doing such daraculean steps. He said the realtors will go for the country-wide strike if FBR tried to implement this one -sided decision of increasing valuation rates of property.