Complex laws have confused the property registrars in Sindh. The confusion occurred when the government proposed to establish a directorate for immovable property that would establish property valuation in future, in the budget 2018-2019. The registrars are hesitant whether to wait for the establishment of directorate or carry on with the conventional method of FBR property valuation for documentation process until the establishment of the new directorate.
The dispute has currently frozen the buying and selling of property in Sindh. President of Pakistan Real Estate Investment Forum (PREIF) wrote a letter to the chairperson Federal Board of Revenue (FBR), Rukhsana Yasmeen, asking her to intervene. In the letter, the president told the chairperson DBR about the confusion that currently registrars are facing in Sindh.
According to letter, In Sindh, property registrars are hesitant in using the existing FBR valuations in the absence of clear directions. They have been adjourning property transfers and this is leading to disputes between buyers and sellers.
PREIF urged the Chairperson to provide fair guidelines in this regard and issue an official clarification that the FBR valuations are still sound until the Directorate for the immovable property is established and notified.
Just for a note, property registrars in other provinces are using FBR valuations for issuing transfers and other documents. But the process has been stopped in Sindh which is causing the provincial government loss of revenue.
Here’s the letter of PREIF to FBR chairperson