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FBR Poised to Substantially Raise in Immovable Property Valuations by Friday Oct 25, 2024

raise in immovable property valuations

ISLAMABAD – The Federal Board of Revenue (FBR) is gearing up to significantly raise in immovable property valuations, with an expected increase of up to 75% of current market values.

Present Status to Raise in Immovable Property Valuations


As per media reports, the much-awaited notification regarding these revised property values, which had faced delays, is likely to be issued on Friday – October 25, 2024. Initially, the updated valuations were prepared for around 42 cities, and the notification was set for October 11. However, as the number of cities involved has now expanded to over 50, the notification was pushed back.

The Law and Justice Division is presently reviewing the draft notifications, and once the vetting process is complete, the FBR will officially release the updates.

It’s also worth mentioning that the FTO (Federal Tax Ombudsman) had given the FBR a deadline of October 11, 2024, to update property valuations across the country.

This upcoming adjustment in property values is intended to bring them closer to actual market rates, addressing the fact that FBR did not make any changes to valuation rates last year. The FBR has previously revised property valuations lastly in 2022, 2021, 2019 & 2018 respectively.

The real estate sector is very much concerned about the property valuation increase, as the sector is already under stress due to inflation, high construction costs, and economic slump. Real Estate analysts are of the view that the move will further deteriorate the already vulnerable condition of the real estate sector.

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