The good news from the property market is that the FBR has finally implemented the valuation of immovable property through a recent SRO. The government increased the built-up property prices a bit and flat rate has been introduced throughout the DHA. The benchmark of DHA City has reached 45 lacs. Therefore, filers have to pay tax accordingly. It’s a good move by the government to double the prices instead of going as per fair market prices.
The notification issued by the Federal Board of Revenue stated that the value of immovable properties in columns (2), (3), (4), (5), (6), (7), and (8) of the Table below in respect of categories of areas of Karachi specified in column (1) thereof, namely:-
(i) Values in the above Table are in rupees;
(ii) Value is per square yard of the covered area of ground floor plus covered area for the
additional floor;
(iii) Commercial property built up value is per square yard of the covered area of the ground floor plus the covered area of the additional floor, if any;
(iv) Built up industrial property value is per square yard of the plot area per square foot;
(v) The value in respect of a residential building consisting of more than one storey shall be
increased by 25% for each additional storey i.e. value of each storey other than ground
floor shall be calculated @ 25% of the value of the ground floor;
(vi) 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;
(vii) 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;
(viii) A flat means the covered residential tenement having separate property unit number/subproperty unit number;
(ix) In residential, multi storey building, the additional storey shall be charged if it consists of a bedroom and bathroom;
(x) the rates for basements of built in commercial property in categories I, II, III and IV shall
be Rs. 13,500 per square yard;
(xi) area-wise categories are in the following Appendix.
AREA-WISE CATEGORIES FOR VALUATION IN KARACHI
S. | Residential | Commercial | Industrial | Flats | |
No. | Area | Category | Category | Category | Category |
1 | Abdullah Haroon Road | I | A-I | I | I |
2 | Akhtar Colony | III | III | II | III |
3 | Al-Falah Cooperative Housing Society | III | II | II | III |
4 | Al-Hilal Cooperative Housing Society | I | I | I | I |
5 | Ali Basti | V | V | II | V |
6 | Aminabad | III | III | II | III |
7 | Area Facing Drig Colony (PIA green Col) | IV | IV | II | IV |
8 | Artilary Maidan Quarters | I | I | I | I |
9 | Ashraf Nagar | IV | IV | II | IV |
10 | Azam Basti | III | III | II | III |
11 | Baba & Bhit Island | IV | IV | II | IV |
12 | Bakshan Village | IV | IV | II | IV |
13 | Baldia Town | VI | VI | II | VI |
14 | Baloch Colony | III | III | II | III |
15 | Bandar Quarters | I | I | I | I |
16 | Bath Island | A-I | II | I | A-I |
17 | Behar Colony Clayton Road | III | III | II | III |
18 | Bhori Bazar | III | A-I | I | III |
19 | Bhutta Village | V | V | II | V |
20 | Bin Qasim (Pipri Excluding Gulshan -e-h | V | V | II | V |
21 | Bombay Bazar | I | A-I | I | I |
22 | Buffer Zone 14-A, 14-A, 15-A-1, 15-A- | III | I | I | III |
IIM 1 | |||||
23 | Burns Road | I | I | I | I |
24 | Cattle Colony | V | V | II | V |
25 | Chandni Chowk, KDA Scheme-7 | III | II | II | III |
26 | Chando Village PS Defence | IV | IV | II | IV |
27 | Chanesat Goth | V | V | II | V |
28 | Civil Lines | A-I | I | II | A-I |
29 | Clifton Quarters Excluding Shireen | A-I | I | II | A-I |
Jinnah Colony | |||||
30 | Darakhsahn Cooperative Housing Society | III | II | II | III |
31 | Defence Housing Authority Phase I, II, III | A-I | I | I | A-I |
& V | |||||
32 | Defence Housing Authority Phase IV & | A-I | I | I | A-I |
VI | |||||
33 | Defence Housing Authority Phase VII | A-I | I | I | A-I |
34 | Defence Housing Authority Phase VII | A-I | I | I | A-I |
Extension, Phase VIII & Phase VIII | |||||
Extension | |||||
35 | Defence Officers Housing Scheme, Malir | II | II | I | III |
36 | Deh Drig | IV | IV | II | IV |
37 | Deh Khata | IV | IV | II | IV |
38 | Deh Thanno | V | V | II | V |
39 | Dehli Colony | III | III | II | III |
40 | Dehli Mercantile | I | I | I | I |
41 | Depot Line | I | I | I | I |
42 | Dhoraji Cooperative Housing Society | A-I | I | I | A-I |
43 | Doda Village | V | V | II | V |
44 | Drigh Cantonment | III | III | II | III |
45 | Ejaz Colony | III | III | II | III |
46 | Fatima Jinnah Colony | I | I | I | I |
47 | Federal B Area | II | II | I | III |
48 | Firdous Colony | II | II | I | III |
49 | Frere Quarters | I | I | I | I |
50 | Future Colony | V | V | II | V |
51 | G. Allan road | I | I | I | I |
52 | Garden East Quarters | A-I | I | I | A-I |
53 | Garden West Quarters | I | I | I | I |
54 | Ghulam Hussain Qasim Quarters | I | I | I | I |
55 | Gizri Village | IV | IV | II | IV |
56 | Government Approved Katchi Abadies | VI | VI | II | VI |
57 | Gul Bai | V | V | I | V |
58 | Gulistan-e-Johar | II | II | II | III |
59 | Gulnar Cooperati E Housing Society | II | II | I | II |
60 | Gulshan-e-Faisal | I | I | I | I |
61 | Gulshan-e-Hadeed | IV | IV | I | IV |
62 | Gulshan-e-Iqbal Excluding Block-17 | II | II | I | III |
63 | Gulshan-e-Iqbal, Block-7 | I | I | I | I |
64 | Gulshan-e-Iqbal, Block-17 | A-I | I | I | A-I |
65 | Gulshan-e-Jamal Project-II | II | II | I | III |
66 | Haji Mureed Goth | V | V | II | V |
67 | Harchandrai Vishandas Quarters | II | II | I | III | |
68 | Hasrat Mohani Colony | IV | IV | II | IV | |
69 | Hawks Bay | IV | IV | II | IV | |
70 | Hyderabad Colony | III | III | II | III | |
71 | I.i. Chundrigar Road | I | A-I | I | I | |
72 | Iqbal Colony | III | III | II | III | |
73 | Ishaqabad | IV | IV | II | IV | |
74 | Jacobline (Inluding Lines Area) | II | II | I | II | |
75 | Jamoria Colony | III | III | II | III | |
76 | Jamshed Quarters | I | I | I | I | |
77 | Joria Bazar | II | A-I | I | I | |
78 | Junna Market | I | I | I | I | |
79 | K B R | V | V | II | V | |
80 | K.D.A. Officers Housing Society | A-I | I | I | I | |
81 | K.D.A. Scheme No.1 & 1A | A-I | I | I | A-I | |
82 | K.P.T. Industrial Area | – | – | – | ||
83 | Kagzi Bazar | I | I | I | I | |
84 | Karachi Adminstrative Cooperative | A-I | I | I | A-I | |
Housing Society | ||||||
85 | Karachi Cooperative Housing Society | A-I | I | I | A-I | |
86 | Kausar Niazi Colony | V | V | II | V | |
87 | Khaliquzaman Colony | III | III | II | III | |
88 | Khanto Colony | V | V | II | V | |
89 | Khokhrapar | V | V | II | V | |
90 | Khudadad Colony | III | III | II | III | |
91 | Kiamari | IV | IV | II | IV | |
92 | Korangi Industrial Area | – | – | II | – | |
93 | Kornagi Township | V | V | II | V | |
94 | Laiqabad | V | V | II | V | |
95 | Landhi Industrial Area | – | – | I | ||
96 | Landhi Township KDA | IV | IV | II | IV | |
97 | Lawrance Quarters | II | II | I | II | |
98 | Lea Quarter | III | III | II | III | |
99 | Liaqatabad | IV | IV | II | IV | |
100 | Liquat Ashraf Colony | VI | IV | II | VI | |
101 | Lyari Quarters | V | V | II | V | |
102 | M.A Jinnah Road | I | I | I | I | |
103 | Mahajir Colony | VI | VI | II | VI | |
104 | Mahmoodabad | III | III | II | IV | |
105 | Malir City | V | V | II | V | |
106 | Malir Cantonment | III | III | III | IV | |
107 | Manghopir Road & Adjacent Locality | VI | VI | II | VI | |
108 | Manora | IV | IV | II | IV | |
109 | Maripure | IV | IV | II | IV | |
110 | Market | Quarters | I | I | I | I |
111 | Marriot | Road | II | A-I | I | I |
112 | Metrovil 1 | IV | IV | II | IV | |
113 | Metrovil 2 Corridor Area | III | III | II | III |
114 | Metrovil II & III KDA | V | V | II | V |
115 | Modal Colony | III | III | III | III |
116 | Modern Colony | III | III | II | III |
117 | Mol Jee Street | I | I | I | I |
118 | Muhammad Ali Cooperative Housing | A-I | I | I | A-I |
Society | |||||
119 | Muslim Colony | II | II | I | II |
120 | Muslim Leage Quarter | III | III | III | III |
121 | Mustafa Abad | V | V | II | V |
122 | Nafisabad | III | III | II | III |
123 | Nasim Colony | V | V | II | V |
124 | National Cement Employees Cooperative | II | II | I | II |
125 | Navel Colony | IV | II | II | IV |
126 | Nazimabad | II | II | I | II |
127 | Neelum Colony | III | III | II | III |
128 | Nepiar Quarter | II | I | II | II |
129 | Nevel Colony | IV | II | II | IV |
130 | New Golimar | V | V | II | V |
131 | New Challi | I | A-I | I | I |
132 | North Karachi (All Sectors except 1 to 6 ) | III | III | II | III |
133 | North Karachi Sector 1 To 6 and Buffer | IV | IV | II | IV |
Zone | |||||
134 | north nazimabad block pqst | II | II | II | II |
135 | North Nazimabad (excluding Block P,Q) | I | I | I | I |
136 | Nusrat Bhuto Colony | V | V | II | V |
137 | Old Frere Street | I | I | I | I |
138 | Old Golimar | V | V | II | V |
139 | Old Town Quarters | I | I | I | I |
140 | Orangabad Quarters | IV | IV | II | IV |
141 | Orangi Town | V | V | II | V |
142 | P.I.B. COLONY | III | III | II | III |
143 | P.S. Mahmoodabad | I | I | I | I |
144 | Pak Colony | III | III | II | III |
145 | Pakistan Employees Cooperative Housing | A-I | A-I | I | A-I |
Society | |||||
146 | Paposh Nagar Quarters | IV | IV | II | IV |
147 | Paria Street | I | I | I | I |
148 | Parsi Colony (Silence Towers) | I | I | II | I |
149 | Pasban Muhallah | V | V | II | V |
150 | Peerabad | V | V | II | V |
151 | Preedy Quarters | I | I | I | I |
152 | Qaidabad | V | V | II | V |
153 | Qasba Colony | V | V | II | V |
154 | Qasimabad | IV | IV | II | IV |
155 | Queens Road Quarters | I | A-I | I | I |
156 | R.A. Lines | I | I | I | I |