The Federal Board of Revenue (FBR) has released updated property valuation rates for various areas in Karachi, effective November 1.

The new rates vary significantly across different neighborhoods. For instance, properties on Abdullah Haroon Road and in the Air Force Society are valued at Rs. 5,000 and Rs. 30,000 per square foot, respectively.

Akhtar Colony and Alfalah Society have been set at Rs. 1,400 per square foot, while Ali Basti is valued at Rs. 700 per square foot.

Other notable valuations include Askari I, II, and III at Rs. 1,100 per square foot, Askari IV at Rs. 8,200 per square foot, and Askari V at Rs. 15,000 per square foot.

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The Defence Housing Authority (DHA) areas also saw significant rates, with DHA Phase I to VII set at Rs. 8,200 per square foot, DHA Phase VII Extension at Rs. 5,000, and DHA Phase VIII at Rs. 7,300.

This decision follows a broader initiative by the FBR to increase property valuation rates by 75% of actual market prices across 56 cities, aimed at enhancing revenue collection and addressing the issue of property undervaluation.

The updated rates will encompass categories for commercial, industrial, and residential properties, with a detailed notification expected to be released soon after approval from the FBR chairman.