For the first time in nearly three years, new property prices have been established for Karachi, with the Federal Board of Revenue (FBR) announcing updated valuations effective November 1.
The recent notification simplifies property classification in the city by abolishing the previous 12-category division, determining prices across residential, commercial, and industrial areas on a per square foot basis, as opposed to the previous per square yard system.
Under the new valuation, residential properties in prime areas like Naval, Zamzam, Fez Five, and DHA reach up to Rs 60,000 per square foot, with commercial properties in these zones priced at Rs 75,000 per square foot. Residential rates for prominent areas are as follows:
Abdullah Haroon Road: Up to Rs 7,000 per sq. ft.
Baldia Town: Rs 1,300 per sq. ft.
Buffer Zone: Rs 3,000 per sq. ft.
Civil Lines: Rs 10,200 per sq. ft.
Liaquatabad: Rs 3,600 per sq. ft.
Shahrah Faisal: Up to Rs 7,000 per sq. ft.
Lower rates apply to areas such as Lyari Quarters, Old Golimar, and Orangi Town, each fixed at Rs 2,200 per square foot.
These revised prices aim to align property values with current market standards across Karachi.