Properties’ price increased by 46% in Karachi

KARACHI: Federal Board of Revenue (FBR) has issued a notification stipulating an increase in the price of properties by 46 percent in the metropolis.

As per details, the FBR has revised the price of properties for 22 big cities, including Karachi The new rates will be effective from July 24, as per the notification.

With an overall rise in price by 46 percent in Karachi, four categories of properties are specified in the notification. For the A-1 category of residential property, there is an increase of 66 percent in price.

The rates of commercial property and open residential property have swelled by 20 percent and 23 percent, respectively.

The FBR has augmented Rs 24,000 per square yard of a constructed residential property and Rs 30,000 on a commercial open plot of A-1 category.

In category 2, Rs46,000 will be the new price per square yard of residential property while in category 3, the price is increased from Rs800-2,000 per square yard of a residential property.

The notification says, in category 4, the price is increased from Rs500-2,000 per square yard of a residential property.

The value of properties has also soared for Islamabad, Rawalpindi, Lahore, Peshawar, Sialkot, Quetta, Gujrat, Faisalabad, Multan, Sukkur, Hyderabad, Mardan, Abbottabad and Gwadar.