The Federal Board of Revenue Wednesday issued a notification of increasing property rates by average from 10 per cent to 100 per cent across the country.
According to the 24News HD TV channel, the FBR has added 19 new cities to the property valuation and increased its number from 21 to 40.
On Wednesday, the FBR has determined the property prices in 38 major cities of the country except for Karachi and Sargodha. The valuation of Karachi and Sargodha properties will be released later.
Notification of property prices issued for 38 out of 40 major cities of the country and property prices have risen by an average of 10 to 15 per cent in these cities. But, the price of some properties has also been increased up to 100 per cent.
From Punjab, 13 new cities, from Sindh 3 new cities, from Khyber Pakhtunkhwa 2 new cities and one from Balochistan were added in the new valuation of the property.
After the new property valuation, the prices of properties have reached about 95 per cent of market value.
As per the notification, Lahore, Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Toba Tek Singh, DI Khan, Sukkur, Sialkot, Sukkur, Sheikhupura, Sahiwal, Faisalabad, Rawalpindi, Rahim Yar Khan, Quetta, Peshawar, Narowal, Nankana, Mirpur Khas, Ghotki, Mardan, Mansehra, Mandi Bahauddin, Gujranwala, Lasbela, Gujarat, Larkana, Khushab, Kasur, Gwadar, Jhelum, Jhang, Islamabad, Hyderabad, Hafizabad, DG Khan, and Multan property prices released.
Reporter: Waqas Azeem