Extension of the Implementation date of Revised Property Valuation Rates till March 1

Federal Finance Minister Shaukat Tareen has directed the Federal Board of Revenue (FBR) to extend the deadline for implementation of revised new rates of property valuation in 40 cities till March 1, 2022.

He said that the FBR should first gain the confidence of all stakeholders, including the provinces, before setting a valuation rate for the entire country.

The Federal Minister decided during a meeting with a Real Estate Consultants Association delegation headed by Ahsan Malik in the Finance Division.

The real estate industry wants property value to be determined by the provinces in their respective areas. However, the World Bank's 400 million loan document stipulates that the FBR's valuation rates must be updated to reflect market rates.

Earlier, the FBR extended the deadline for implementing the revised new property pricing rates in 40 major cities to January 31, 2022.

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