Islamabad: The valuation of residential and commercial properties in Islamabad has been revised.
According to a report by a private TV channel, the Federal Board of Revenue (FBR) has issued a notification reducing the rates of immovable properties. The value of buildings up to 5 years old has been reduced from Rs. 3,000 to Rs. 2,500 per square foot. Similarly, buildings older than 5 years have seen a decrease from Rs. 1,500 to Rs. 1,200 per square foot.
The notification states that plot prices in sectors B-17, C-14, and C-15 have been significantly reduced. The valuation of flats and commercial properties in D-12 has also been lowered. Prices have been decreased across various sectors from G-13 to G-17.
Additionally, official property rates in Margalla Town, Chak Shahzad, and Bani Gala have also been reduced. In some areas, the reduction exceeds 30%. However, property values in Blue Area and major commercial hubs have largely remained unchanged.
This reduction in property valuations is serving the good news for buyers and investors, as lower FBR rates can reduce transaction costs such as taxes and duties. For genuine home seekers, especially first-time buyers, this may create a more favorable environment to enter the market.
However, experts advise carefully comparing official rates with actual market prices before making any deal, as real market values may still differ significantly in particular areas.
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