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.
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).
Read more: FBR Revises Immovable Property Rates in Lahore.
