FBR has published the new and latest valuation of Immovable Property. The Real Estate market will now move at a faster rate, knowing these prices would happen to change the landscape of the market as a whole.
Accordion to their official publications, FBR would now fix the immovable rates of property of 40 cities. Previously the rates were adjusted for only 20 cities.
The Federal Board of Revenue (FBR) has increased the rates of commercial, residential, flats, and other areas of 40 selected major cities.
The reasons for changing the property prices can be summed up into the goals of FBR. One of the reasons is to collect more taxes from the immovable property.
The other reason is that FBR expressed concerns regarding the immovable property prices that had never been updated over the years. This made the market more susceptible to money laundering, fraud, and other criminal engagements through the unregularised industry.
As the industry is blooming over the years, the government believes it should hold itself and the real estate market accountable for the changes it brings.
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