Fair Market rate of property going to be finalized for 21 cities

A meeting held between Traders, Realtors and FBR Officials for property rates and tax determination in which both parties presented their opinions and submitted their own fair prices for properties. PM’s Revenue Consultant Mr. Haroon Akhtar told media that Government has its homework completed and a property rate evaluation mechanism is prepared according to DC rate. He added that we have worked on 21 cities, Fair market rate of property in Karachi and Islamabad tend to increase. In Karachi property rates are increased from 5 to 30% according to DC rate, whereas Lahore property rates has less rise. There is an ocular difference between Deputy and Commissioner rate. We will discuss things with realtors on Thursday. President Federation of Pakistan chambers of commerce and industry Mr. Abdur Rauf has said that negotiations are going well and positive, we are certain that new method of fair price determination will be better than ever. One of the FBR official told media that fair market price of property will be finalized by Thursday evening with the consent of FBR and Realtors, which will be then approved by finance minister Ishaq Dar. The notification of property fair market rate will be issued on next possible Sunday. Keep visiting sbx.com.pk for more updates and news.

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