The Federal Board of Revenue (FBR) has issued new valuations of residential and commercial properties in Karachi, Lahore, Islamabad Hyderabad, Sukkur, Rawalpindi, Peshawar, Quetta, Abbottabad, Gwadar, Mardan, Gujranwala, Sialkot, Faisalabad and Sargodha effective from July 31, 2016.
In this regard, the FBR issued 15 notifications here on Tuesday to categorise the different localities/areas for fixation of valuations of immovable properties across the country.
The FBR has notified new valuations for the purpose of calculation of payment of capital gains tax (CGT), withholding tax and provisions of section 111 of the Income Tax Ordinance 2001.
The area-wise categorisation for valuations of Karachi revealed that the city has been divided into 193 major areas/localities for valuations of immovable properties.
Hyderabad has been categorised into 80 areas for this purpose.
In the case of Lahore, the board has notified rates for neighbourhoods of Allama Iqbal Town, Aziz Bhatti Town, Data Gunj Buksh Town, Gulberg Town, Samanabad Town, Shalimar Town, Wagha Town and Nishtar Town. Lahore has been divided into 231 areas for calculation of taxes on immovable properties.
Sialkot has been categorised into 355 different areas.
Faisalabad has been divided into 395 residential areas. The commercial areas of Faisalabad have been divided into 416 areas. In total, the city has been divided into 811 areas for this purpose.
In the case of Peshawar, the FBR has divided the whole Peshawar into 335 areas for valuations of residential and commercial properties per marla under the SRO.667(I)/2016.
Under the SRO 669(I)/2016, Mardan city has been categorised into 12 localities for valuations of residential and commercial properties.
Gwadar has been divided into 96 areas and valuations of properties have to be determined on the basis of per acre, sq yards and sqr ft. The city of Abbottabad has been divided into seven areas under the SRO 668(I)/2016. Gujranwala has been divided into 186 areas.
Under the SRO 662(I)/2016, the new values have been issued for residential and commercial properties in Karachi. Karachi has been divided into categories of A-I, I, II, III, IV, V, VI, VII and VIII for the purpose of valuations of immovable properties in residential and commercial areas.
For Karachi under the category (A-1), residential open plot per square yard, the valuation of immovable property has been fixed at Rs 35,000; residential built up property per square yard Rs 40,000; commercial open plot per square yard Rs 100,000; commercial built up property per square yard, Rs 67,500; industrial open plot per square yard Rs nil; industrial built up property per square feet, Rs nil and flats/apartments per square feet Rs 5,000.
Under the category (I) of Karachi (residential open plot per square yard), the valuation of immovable property has been fixed at Rs 25,000; residential built up property per square yard Rs 32,000; commercial open plot per square yard Rs 75,000; commercial built up property per square yard Rs 54,000; industrial open plot per square yard Rs 12,000; industrial built up property per square feet Rs 3,000 and flats/apartments per square feet Rs 4,500.
Category (II) of Karachi (residential open plot per square yard), the valuation of immovable property is Rs 12,000; residential built up property per square yard Rs 20,000; commercial open plot per square yard Rs 60,000; commercial built up property per square yard Rs 35,000; industrial open plot per square yard Rs 8,000; industrial built up property per square feet Rs 3,000 and flats/ apartments per square feet Rs 2,500.
Under the category (III) of Karachi (residential open plot per square yard), the valuation of immovable property is Rs 6,000; residential built up property per square yard Rs 11,000; commercial open plot per square yard Rs 25,000; commercial built up property per square yard Rs 18,000; industrial open plot per square yard nil; industrial built up property per square feet nil and flats/ apartments per square feet Rs 1,500.
The category (IV) of Karachi (residential open plot per square yard), the valuation of immovable property would be assessed at Rs 5,000; residential built up property per square yard Rs 6,000; commercial open plot per square yard Rs 19,000; commercial built up property per square yard Rs 10,000; industrial open plot per square yard nil; industrial built up property per square feet nil and flats/apartments per square feet Rs 1,000.
Under the category (V) of Karachi (residential open plot per square yard), the valuation of immovable property is Rs 1,800; residential built up property per square yard Rs 4,000; commercial open plot per square yard Rs 4,000; commercial built up property per square yard Rs 6,300; industrial open plot per square yard nil; industrial built up property per square feet nil and flats/apartments per square feet Rs 600.
As per category (VI) of Karachi (residential open plot per square yard), the valuation of immovable property is Rs 900; residential built up property per square yard Rs 3,000; commercial open plot per square yard Rs 2,000; commercial built up property per square yard Rs 4,500; industrial open plot per square yard nil; industrial built up property per square foot, nil and flats/apartments per square feet Rs 300.
As per category (VII) of Karachi (residential open plot per square yard), the valuation of immovable property is Rs 20,000; residential built up property per square yard Rs 28,000; commercial open plot per square yard Rs 70,000; commercial built up property per square yard Rs 40,000; industrial open plot per square yard nil; industrial built up property per square feet nil and flats/ apartments per square feet Rs 5,000.
Under the category (VIII) at Karachi (residential open plot per square yard), the valuation of immovable property is Rs 6,000; residential built up property per square yard Rs 11,000; commercial open plot per square yard Rs 25,000; commercial built up property per square yard Rs 18,000; industrial open plot per square yard nil; industrial built up property per square foot nil and flats/apartments per square feet Rs 1,500.
For Karachi, the value per square yard of the covered area of ground floor plus covered area for the additional floor. The commercial property built up value per square yard of the covered area of the ground floor plus covered area of the additional floor, if any. The built up industrial property value per square yard of the plot area per square feet other than ground floor shall be calculated @ 25% of the value of the ground floor.
The FBR has said that a property which does not appear to fall in any of the categories shown in the said Appendix 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. A flat means the covered residential tenement having separate property unit number/sub property unit number.
In residential, multi-storey building, an additional storey shall be charged if it consists of a bedroom and a bathroom. The rates for basement of built in commercial property in categories, I, II, III and IV shall be Rs 13,500 per square yard, the FBR added.
Under the SRO 672, the FBR has notified values for assessment of immovable properties within the jurisdiction of Islamabad. The values of immovable properties in residential areas of Islamabad revealed Sector D-12 (500 sq. yd) valuation rate per sq. yd is Rs 32,300; Sector E-7 (500 sq.yd) valuation rate per sq. yd is Rs 56,625; sector E-7 (1000 sq.yd) valuation rate per sq. yd is Rs 57,150; Sector E-7 (2000 sq.yd) valuation rate per sq. yd is Rs 57,150; Sector E-11 (500 sq.yd) valuation rate per sq. yd is Rs 26,000; Sector E-12 (500 sq.yd) valuation rate per sq. yd is Rs 17,800; Sector F-6 (500 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-6 (1000 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-6 (2000 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-7 (500 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-7 (1000 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-7 (2000 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-8 (500 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-8 (1000 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-8 (2000 sq.yd) valuation rate per sq. yd is Rs 48,550; Sector F-10 (500 sq.yd) valuation rate per sq. yd is Rs 42,050; Sector F-10 (1000 sq.yd) valuation rate per sq. yd is Rs 42,050; Sector F-10 (2000 sq.yd) valuation rate per sq. yd is Rs 42,050; Sector F-11 (500 sq.yd) valuation rate per sq. yd is Rs 42,050; Sector F-11 (1000 sq.yd) valuation rate per sq. yd is Rs 42,050; Sector F-11 (2000 sq.yd) valuation rate per sq. yd is Rs 42,050; Sector G-6 (500 sq.yd) valuation rate per sq. yd is Rs 41,350; Sector G-6 (1000 sq.yd) valuation rate per sq. yd is Rs 41,350; Sector G-6 (2000 sq.yd) valuation rate per sq. yd is Rs 41,350; Sector G-7 (500 sq.yd) valuation rate per sq. yd is Rs 38,100; Sector G-7 (1000 sq.yd) valuation rate per sq. yd is Rs 38,100; Sector G-8 (500 sq.yd) valuation rate per sq. yd is Rs 38,100; Sector G-9 (500 sq.yd) valuation rate per sq. yd is Rs 38,100; Sector G-10 (500 sq.yd) valuation rate per sq. yd is Rs 38,100;Sector G-10 (1000 sq.yd) valuation rate per sq. yd is Rs 38,100; Sector G-11 (500 sq.yd) valuation rate per sq. yd is Rs 38,100; Sector G-11 (1000 sq.yd) valuation rate per sq. yd is Rs 38,100; Sector I-9 (200 sq.yd) valuation rate per sq. yd is Rs 16,000; Sector I-10 (200 sq.yd) valuation rate per sq. yd is Rs 16,000; Sector I-11 (200 sq.yd) valuation rate per sq. yd is Rs 16,000; Sector I-12 (200 sq.yd) valuation rate per sq. yd is Rs 15,000; Sector I-14 (200 sq.yd) valuation rate per sq. yd is Rs 15,000; Sector I-15 (200 sq.yd) valuation rate per sq. yd is Rs 15,000 and values of immovable properties in residential areas of Islamabad revealed Sector I-16 (200 sq. yd) valuation rate per sq. yd is Rs 15,000.
Insofar as residential properties of Bahria Enclave are concerned, valuation of Sectors A,B & C Bahria Enclave (500 sq. yd) has been fixed at Rs 8,000,000; Sectors A,B & C Bahria Enclave (272 sq. yd) Rs 5,000,000; Sectors C1, F,G (500 sq. yd) Rs 7,000,000; Sectors C1, F,G (272 sq. yd) Rs 4,500,000; Sectors H,G,L,M (500 sq. yd) Rs 6,500,000 and H,G,L,M (272 sq. yd) Rs 4,000,000.
The FBR has fixed valuations of immovable properties in Hyderabad under SRO 663(I)/2016. Hyderabad has been divided in the categories of I, II, III and IV.
Hyderabad - Category (I), residential open plot per square yard, the valuation of immovable property has been fixed at Rs 25,000; residential built up property per square yard Rs 26,000; commercial open plot per square yard Rs 100,000; commercial built up property per square yard Rs 75,000; industrial open plot per square yard Rs 3,000; industrial built up property per square feet Rs 4,000 and flats/apartments per square feet Rs 2,100.
Category (II) of Hyderabad (residential open plot per square yard), the valuation of immovable property has been fixed at Rs 18,000; residential built up property per square yard Rs 19,000; commercial open plot per square yard Rs 70,000; commercial built up property per square yard Rs 60,000; industrial open plot per square yard Rs 1,800; industrial built up property per square feet Rs 2,000 and flats/apartments per square feet Rs 1,600.
Hyderabad-Category (III) (residential open plot per square yard), the valuation of immovable property is Rs 15,000; residential built up property per square yard Rs 16,000; commercial open plot per square yard Rs 40,000; commercial built up property per square yard Rs 50,000; industrial open plot per square yard nil; industrial built up property per square feet nil and flats/ apartments per square feet Rs 1,000.
Category (IV) of Hyderabad (residential open plot per square yard), the valuation of immovable property has been fixed at Rs 15,000; residential built up property per square yard Rs 16,000; commercial open plot per square yard Rs 40,000; commercial built up property per square yard Rs 40,000; industrial open plot per square yard nil; industrial built up property per square feet nil and flats/ apartments per square feet Rs 700.
The FBR explains the valuation per square yard of the covered area of ground floor plus covered area for the additional floor, commercial property built up value per square yard of the covered area of the ground floor plus covered area of the additional floor, if any; and built up industrial property value per square yard of the plot area per square foot. The value in respect of a residential building consisting of more than one storey shall be increased by 25% for each additional storey, ie, valuation of each storey 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 said Appendix 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.
The FBR said that a flat means the covered residential tenement having separate property unit number/sub-property unit number. In residential, multi stores building, additional storey shall be charged if it consists of a bedroom and a bathroom, the FBR added.
For Rawalpindi, the valuation of commercial plot per marla in Satellite Town area has been fixed at Rs 2.5 million and valuation of residential plot per marla Rs 1.4 million, Chandni Chowk for commercial plot per marla Rs 2.6 million and residential plot per marla Rs one million, College Road Rawalpindi for commercial plot per marla Rs 2.5 million and residential plot Rs one million, Talagang road/defunct Municipal Committee Road for commercial plot per marla Rs 1.2 million and for residential plot Rs 1 million, Bank Road for commercial plot per marla Rs 6 million and residential plot per marla Rs 1.7 million, Chaklala Scheme-III for commercial plot per marla Rs 2.5 million and residential plot Rs 1.15 million, Wah Cantt for commercial plot per marla Rs 1 million and for residential plot per marla Rs 0.7 million, Murree Road for commercial plot Rs 3 million and residential plot Rs 0.8 million, DHA-1 for commercial plot Rs 2.5 million and residential plot of Rs 0.55 million, DHA-II for commercial plot of Rs 2.5 million and residential plot of Rs 0.4 million, executive meadow phase-III for Bharia town for commercial plot per marla of Rs 1.5 million and residential plot of Rs 0.6 million, Safari-III for commercial plot Rs 1.5 million and residential plot Rs 375,000, from phase-I to phase-VI for Bharia Town the valuation of commercial plot has been fixed at Rs 1.5 million and residential plots in the range of Rs 3,50,000 to Rs 3,75,000.
In the case of Gwadar, the valuation of Airport Road land, (per acre) has been fixed at Rs 15,000,000; coastal highway washendor (per acre) at Rs 4,200,000; coastal highway shinikanidar (per acre) value in Rs 1,800,000; coastal highway surbandar guarandani (per acre) value in Rs 1,440,000; coastal highway gurandani (per acre) value in Rs 960,000; coastal highway darbela junubi (per acre) value in Rs 600,000; coastal highway karwat (per acre) value in Rs 240,000; coastal highway kappar (per acre) value in Rs 120,000; marine drive Ankara junubi (per acre) value in Rs 12,000,000; Marine Drive Chatti Junubi (per acre) Rs 960,000; Marine Drive Shabi (per acre) Rs 360,000; Jinah Avenue dorghathi (per acre) Rs 9,600,000; Jinah Avenue chib kalmati (per acre) Rs 2,160,000; Jinnah Avenue washendor (per acre) Rs 4,200,000; SHS commercial (per acre) Rs 13,800,000; new town housing scheme (500 sq.yd) Rs 4,200,000; New Town Housing Scheme (1000 sq.yd) Rs 5,400,000; Marine Drive Ankara Junubi (1000 sq.yd) Rs 5,400,000.
New Town Housing Scheme: Phase I (1000 sq.yd) value fixed at Rs 3,000,000; Phase I (500 sq.yd) Rs 1,800,000; Phase II (1000 sq.yd) Rs 1,800,000; Phase II (500 sq.yd) Rs 1,200,000; Phase III (1000 sq.yd) Rs 18,000,000; Phase II (500 sq.yd) Rs 12,000,000; commercial plots (1000 sq.yd) Rs 3,720,000 and commercial plots (500 sq.yd) Rs 26,400,000.
Sanghar Housing Scheme: Phase I (1000 sq.yd) value has been fixed at Rs 3,000,000; Phase I (600 sq.yd) Rs 2,400,000; Phase I (400 sq.yd) Rs 2,160,000; Phase II (1000 sq.yd) Rs 4,200,000; Phase II (600 sq.yd) Rs 1,200,000; Phase III (1000 sq.yd) Rs 2,400,000; Phase III (600 sq.yd) Rs 1,200,000; Phase III (1000 sq.yd) Rs 6,600,000 and Phase III (600 sq.yd) Rs 3,240,000.