KARACHI – After a series of successful negotiations with officials of the Association of Builders and Developers of Pakistan, The Federal Board of Revenue (FBR) on Tuesday issued a notification announcing the newly set property prices in Islamabad and Karachi.
According to the notification, Karachi has been segregated into nine categories and residential and commercial plots in each category have been assigned different prices.
Moreover, FBR has set prices for the already constructed residential and commercial properties.
Prices for the category comprising areas of Dhoraji, Clifton, Civil Line, DHA phase one and two are as follows : (per square yard)
- Residential plots – Rs35,000
- House – Rs40,000
- Commercial property – Rs100,000
- Flats – Rs5,000 (per square feet)
This is designated as ‘A-One’ category by the authority.
The areas of DHA phase four and six, Bombay Bazaar, Burns Road, and Fatima Jinnah Colony make up category ‘One’ with following price chart (per square yard):
- Residential plots – Rs25,000
- House – Rs32,000
- Commercial property – Rs75,000
- Flats – Rs4,500 (per square feet)
Under category ‘Two’ the prices are as follows (per square yard):
- Residential plots – Rs12,000
- House – Rs20,000
- Commercial property – Rs60,000
- Flats – Rs2,500 (per square feet)
Defence Housing Scheme Malir, Federal-B Area, and Firdouse Colony make up category ‘Two’.
Prices for category ‘Three’ are as follows (per square yard):
- Residential plots – Rs6,000
- House – Rs13,000
- Commercial property – Rs25,000
- Flats – Rs1,500 (per square feet)
Category ‘Three’ comprises areas of Bufferzone, KDA Scheme 7, Darakshan Cooperate Society, and Dehli Colony, Dawn News reported.
Moreover, Property prices in federal capital have also been overhauled by the FBR.
According to the FBR notification, the prices of plots in the federal capital have been increased from Rs22,000 to Rs56,000 per square yard in Sector F-7.
Similar to Sector F-7, the following areas of federal capital have observed an increase in prices (per square yard):
- Sector F-6: from Rs18,000 to Rs48,000
- Sector F-11: from Rs18,000 to Rs42,000
- Sector G-7: from Rs16,000 to Rs41,000
- Jinnah Avenue: from Rs75,000 to Rs114,000
Sector I-11 plots would be traded at Rs26,000 and Sector I-8 price have been set at Rs38,000 (per square yard).
Prices have also doubled in Islamabad’s Blue Area.
Ground floor shops in the Supermarket area are priced at Rs123,000 per square yard.
In Sector F-8, ground floor shops are priced at Rs. 58,000 and at Rs. 70,000 per square yard in Sector F-9.
On the other hand, Association of Builders and Developers of Pakistan [ABAD] Senior Vice Chairman Arif Yousuf Jeewa has said that after the issue of property valuation, the federal government is going to strangulate the construction industry.
“If the government implements this law by force, we will halt all construction activities throughout the country,” he asserted.