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ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued the notification announcing the newly set property prices in Islamabad and Karachi.
According to the notification, Karachi has been divided into nine categories and residential and commercial plots have been assigned different prices.
Moreover, FBR has set prices for the already constructed residential and commercial properties.
Property prices in Karachi
Under category 'A-One' the prices are as follows (per square yard):
- Residential plots - Rs35,000
- House - Rs40,000
- Commercial property - Rs100,000
- Flats - Rs5,000 (per square feet)
This category comprises areas of Dhoraji, Clifton, Civil Line, DHA phase one and two.
Under category 'One' the prices are as follows (per square yard):
- Residential plots - Rs25,000
- House - Rs32,000
- Commercial property - Rs75,000
- Flats - Rs4,500 (per square feet)
The areas of DHA phase four and six, Bombay Bazaar, Burns Road, and Fatima Jinnah Colony make up category 'One'.
Under category 'Two' the prices are as follows (per square yard):
- Residential plots - Rs12,000
- House - Rs20,000
- Commercial property - Rs60,000
- Flats - Rs2,500 (per square feet)
Defence Housing Scheme Malir, Federal-B Area, and Firdouse Colony make up category 'Two'.
Under category 'Three' the prices are as follows (per square yard):
- Residential plots - Rs6,000
- House - Rs13,000
- Commercial property - Rs25,000
- Flats - Rs1,500 (per square feet)
Category 'Three' comprises areas of Bufferzone, KDA Scheme 7, Darakshan Cooperate Society, and Dehli Colony.
Property prices in Islamabad
According to the FBR notification the prices of plots in the federal capital have been increased from Rs22,000 to Rs56,000 per square yard in Sector-7.
Similar to Sector-7, the following areas of federal capital have seen price increase (per square yard):
- Sector F-6: from Rs18,000 to Rs48,000
- Sector F-11: from Rs18,000 to Rs42,000
- Sector G-7: from Rs16,000 to Rs41,000
- Jinnah Avenue: from Rs75,000 to Rs114,000
The prices of plots in Sector-11 and Sector I-8 have been set at Rs26,000 and Rs38,000 (per square yard).
The property prices have doubled in Islamabad's Blue Area.
Ground floor shops in the Supermarket area are priced at Rs123,000 per square yard.
In Sector F-8 the ground floor is priced at Rs58,000 and Sector F-9 is priced at Rs70,000 per square yard.
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On DawnNews
Comments (41) Closed
Aug 02, 2016 10:21pm
These prices are still way too low. A typical 500 yard plot in DHA Phase 8 in Karachi is over 5 crores in terms of market price and even at the most expensive notified valuation, it only comes to about 1.65 crores. The government is still being deprived of over 2/3rds revenue and real estate is still a safe haven for black money.
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Aug 02, 2016 10:24pm
What about Lahore & Peshawar. Did the price and rules remains the same or changed....
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Aug 02, 2016 10:23pm
Two things are confusing. How is plot price different from price of house ? Nowhere in our nations construction is considered when government is fixing collector rates. Its always just the land.
Second, I cannot believe the highest collector rate for the toniest areas of Karachi s just PKR 35000 or INR 20000 per sq yard ! The highest collector rate in Delhi poshest locality won't be less than INR 75000 psyard.
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Aug 02, 2016 10:35pm
It is the vested conflicts of interest of bureaucracy, political elite and real estate Mafia which is bent upon depriving state of taxes imposed on actual value of the land in DHA, Cantonments, CDA etc. This will only further promote Black Economy, money laundering and facilitate expatriate dual nationality holders to repatriate huge profits, depleting this country of foreign exchange under garb of foreign investment.
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Aug 02, 2016 10:58pm
DHA Phase 4 and 6 are in the same category with Bombay Bazar and Burns Road, I can't stop laughing on this scam.
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Aug 02, 2016 11:09pm
per square foot cost of flats is dimal low?in chenai the least cost is around 3500INR at farflung suburns for stsndard flats? and maximum is around 40, ooo INR in posh area for luxury flats! i can"t beleive the cost can be so low in karachi?something amiss?
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Aug 02, 2016 11:25pm
"Sector F-9 is priced at Rs70,000 per square yard". But, F-9 is all Park area?
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Aug 02, 2016 11:36pm
Karachi is already giving revenue of over 3000 Billion rupees to FBR. And in budget allocation Govt kept only 10 Billion for the development of Karachi Which is Rs. 41 per person per month. And now FBR asking to pay Rs. 250000 on sale of 120 yards double story home ...Stop discrimination with Karachi..
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Aug 02, 2016 11:40pm
Completely scam prices.. almost 4 times low than market value. Is this scam to allot cheaper plots for high ups ???
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Aug 02, 2016 11:41pm
Very confusing. The real nuisance , DHA phase 7&8 have not been mentioned here
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Aug 03, 2016 12:20am
@ali novax Hey lahore is bastion of the Shareefs. why would they do anything to hurt the Lahori real estate.
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Aug 03, 2016 12:21am
@gknatarajan yes, the miss is that this is only the documented price on which you have to pay the taxes. The actual market price in some of posh locality is around $600K to $800K for a 500 Sq yard house. Apartments in posh locality can go up to $1.2-2.0M
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Aug 03, 2016 12:22am
Government has no right to collect taxes from Karachi until it provides civic services to the city. With no water, waste disposal, parks management , law and order they have no right to collect such taxes. What about interior Sindh are they supposed to pay anything in taxes or they are there to reap the loot money from Karachi.
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Aug 03, 2016 12:24am
Where is it in the Constitution that government will set housing and real estate prices? It's such a waste of resources. Let free market figure it out without the need for resorting to black market for transactions.
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Aug 03, 2016 12:36am
Can someone please explain to me what this actually means for honest regular people who have bought a piece of land as an investment to be used at some point down the road. Can the editors at DAWN please publish an article clarifying this new development. Is this good or bad for regular folks who have bought land from an investment point of view?
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Aug 03, 2016 01:12am
as per the news item karachi properties have been divided into nine categories but the news item has mentioned prices in only four categories what about the rest. Areas mentioned do not cover entire Karachi
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Aug 03, 2016 01:12am
Will the government reevaluate these rates every year ? In every developed country your yearly property taxes goes up depending on the appreciation. If the property depreciates then property tax goes down a plot in DHA assuming is 2000 square foot will equal 7 crore if we follow these numbers.
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Aug 03, 2016 01:25am
What about Lahore?
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Aug 03, 2016 01:32am
Price, money, interests. What happened to city planning? Pur cities have started to look like a maze from Sub-Saharan African slums. Atleat look at what cities like Chandigarh right next door has managed with a little love and planning.
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Aug 03, 2016 01:43am
The prices are much less than the true value. Why not have actual sale/purchase value?
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Aug 03, 2016 01:55am
What a serious joke?
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Aug 03, 2016 02:16am
Very strange.DHA Phase 5 Karachi not mentioned here.
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Aug 03, 2016 02:25am
Good to know the bubble is busting created by black money launders
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Aug 03, 2016 02:40am
@gknatarajan most likely..don't get it though.
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Aug 03, 2016 02:48am
Prices set by the FBR is complete scam. Prices should be set in two brackets.
Bracket 1- prices for the land (plots)
Bracket-2 Prices for the constructed area based on the sq feet of the total construction(basement+1st floor+2nd floor)
an empty plot should have tax based on bracket one, and fully constructed house should have prices based on both brackets.
It is not fair for a single story house to pay same as two story house
or a vacant plot to pay same as one or two story house.
Non capable people are in the FBR and they protect the interests of the rich and corrupted ones.
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Aug 03, 2016 02:55am
These prices are scam.
Prices should be based on plot size plus constructed square feet.
An empty plot should not be priced same as that of a fully constructed plot/house.
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Aug 03, 2016 03:10am
These numbers that light years apart from reality. One this is for sure. People who set these prices are involved in scamming govt of tax money. Arrest them first.
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Aug 03, 2016 03:59am
There are many more areas in Karachi. What about Scheme-33??? which is hot these days for plots sale & purchase
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Aug 03, 2016 05:19am
What about Lahore? Why Karachi is subjected to this treatment by the Lahore Mafia?
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Aug 03, 2016 05:34am
Who will get benefit from this? We will know this after new real state CRASH.
Some one definitely making money and Pakistan will pay the price again.
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Aug 03, 2016 05:44am
At least a step, though the prices are still too low.
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Aug 03, 2016 06:11am
good job Ishaq Dar. At least people should start paying taxes.
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Aug 03, 2016 06:13am
Well than the huge armed and armored American Base/Fortress/Consulate next to Pak Nukes and GHQ given to the Americans, cents on the dollar, should be evicted and those who made this illegal, treasonous, traitorous and potentially dangerous transaction for personal profit be tried under Article#6 of the Constitution.
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Aug 03, 2016 06:14am
f9 sector is a park which is a public property.
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Aug 03, 2016 06:16am
These are official rates or circle rates as per categorization of the locality. That you pay in "White" i.e. "cheque, the actual rates would be 60% or more example, for registration of a plot in Karachi - Under category 'A-One' the prices are as follows (per square yard): Residential plots - Rs35,000 for 100 Sq Yard you pay cheque/white of 35,000 * 100 = 3,500,000 (to the owner) duty say for example is 10% that will be 350,000 (to the govt.) Plus atleast 60% more to the seller/builder usually in cash...Note:- You will never get the plot for 3,500,000 untill and unless you are buying directly from the development authority because all plots would be in private hands unless you are a big shot and have connections.
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Aug 03, 2016 09:34am
On the upside, due to predictability of prices, the sector has become ripe for investment.
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Aug 03, 2016 12:48pm
Most of us here saying prices are lower than the market. My question is 'Who and on what grounds market prices are being set?' What I see in our society there isn't any price control, every 'Market Price' is being set by the particular domain mafia. Week by week prices are being raised. There should be a price control on this mafia.
We have to distinguish between profit and greed.
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Aug 03, 2016 04:10pm
@Karachi wala - "real estate is still a safe haven for black money." Isn't that the desired effect? I'd say a pretty good effort to make sure that's not disturbed.
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Aug 04, 2016 10:30am
Looks like that government officials got brief case from property dealers. These rates will not make a big difference. Black money still poured by black sheeps in property business
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Aug 04, 2016 09:48pm
The revised property rates are very low and a joke with the FBR, authorities.
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Aug 04, 2016 11:19pm
@Karachi wala here in usa the property value can only go up certain percent a year due to how expensive taxes can be. iam sure its the same.
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