FBR has issued a New Property Valuation firstly on December 1st with a deadline of fifteen days till the mid December and to be implemented completely on 1th of December. However, the date is now extended to 16th of January after the meeting with stakeholders.
The main agenda of bringing such a property valuation by FBR is to bring the price of property in the country where it is different from the one in the market close to the actual market value.
FBR in a meeting revisited the overvaluation and undervaluation of the property within the cities they have mentioned in the report. Now they want to bring the value close to the one par market. The new valuation table issued by FBR is released after a meeting with real estate agents and every other stakeholder on the differences they have pointed out. The New Price valuation will be implemented in 40 major cities of Pakistan. Till the mid January, the new evaluation chart prices will remain suspended. It is because the recent valuation on December 1st causes the sudden increment in a few areas noticed by Real Estate agents.
This led to the new date and valuation chart of the property after a detailed conversation with the stakeholders. The stakeholders pointed out over and under valuation after which a new valuation was organized which will be implemented on January 16.
According to many real estate experts and agents, the price of property after the implementation of the latest evaluation chart issued on 1st of December will increase from 100 to 600 percent.
The agents also said that the sector is already in hot waters because of the inflation and the coronavirus pandemic. So the new valuation can be another problem to be faced for the people in the sector.
For this reason the FBR has received a lot of queries and recommendations from the people all around the country and they said the new valuation to be enforced on January 16 will be given after discussing it with all of the stakeholders.
Main headlines in the latest Press Release by FBR spokesperson
- It has decided to review and revisit the notified valuation tables wherever overvaluation or undervaluation is pointed out by the stakeholder including real estate agents and town developers.
- All chief commissioners Inland Revenue shall constitute valuation review committees (VRCs), and notify them by December 10, 2021.
- Any stakeholder having any reservations about valuations may lodge a representation before VRC by December 15, 2021
- Chief Commissioners will undertake a meaningful consultative process with the stakeholders and engage SBP’s approved valuers for determination of values, which could be either more or less than the lately notified valuations
- Although, the notified valuations have been arrived at by FBR field formations through a rigorous consultative process and wherefore have largely been well-received, yet the possibility of error cannot be ruled out, and the same cannot be taken as carved in stone
- In the meantime, SRO No.1534-1572(I)/2021 dated 01.12.2021 [the new property valuation] are held in abeyance to allow registration of the in-process transactions
So these were all the details about the new property valuation issued by FBR. We hope that after reading the complete blog post, your concerns about this new property valuation got cleared.
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