The Federal Board of Revenue (FBR) has released new property prices for In Karachi.

The price of a house in A1 category of Posh Areas has been fixed at Rs. 81,000 per square foot.

Civil Lines, Garden East, Karachi Admin, Johar Block are included in more than 17 valued areas, PECHS, DHA Malir, Air Force Society have been included in A1 category while NOR E 1 has also been included. A1 category.

The FBR said that the government rate of Rs. 5,000 per square foot for slums approved by the government. The rate for category one is fixed at Rs. 56,000 per square foot.

Apart from Parsi Colony, Baloch Colony, New Chali, Frere Road, Mahmoodabad, some blocks of Shara Faisal, Shara Liaqat, North Nazimabad and Johar are included in A1 category.

Raheel Ranch, leader of the Association of Builders and Developers (ABAD), said that with the exception of a few limited areas, the value of property has increased by 10 to 12 per cent. He said that FBR has fully consulted Abad and other stakeholders.

Raheel Ranch said that we do not want capital gains tax on the entire property value, all property is called immovable property which is a good thing to have valuation.

It is pertinent to mention that a day earlier, the FBR had issued new prices per marla for different areas of Lahore.