Tarin Directs FBR To Extend Property Valuation Deadline Till 1st March

Islamabad: The Federal Minister For Finance Shokat Tarin has directed the FBR to further extend the Deadline For Revised Property Evaluation till March 1st, 2022. The minister asked the federal revenue body to take all the stakeholders including the provinces in confidence before making any decision in this regard. He made the decision after having a meeting with the representatives of the real estate market who had expressed deep concerns over the property valuation for the entire country by the FBR. Initially, the FBR issued revised evaluation rates on Dec. 1, 2021, thereby increasing the valuation rates by up to 600 percent in forty major cities of the country. But owing to hue and cry on the part of the public especially the real estate agents the deadline was first extended to January 16, 2022, and then to February 1st, 2022 owing to the ailment of the finance minister. It is to be noted here that the World Bank’s $400 million loans for the Pakistan Raises Revenue initiative require the government to revise the property valuation rates to reflect the actual market value of the property.

As per details a deligation of the Real Estate Consultant Association (RECA) headed by Ahsan Malik met the minister in the Finance Division on Monday and conveyed to him the reservations of the real estate agents and the possible damage to the real estate industry due to an unprecedented hike in the rates of property valuation. The delegation told the minister that the real estate agents desire to have a single valuation rate rather than the three different rates namely, DC notified rates, FBR rates, and market rates. Moreover, the delegation requested the minister to delegate property valuation to the provinces in their respective regions. Mr. Malik told the minister that increasing the property valuation to such an extent would put an end to the boom of the construction and housing sector causing serious harm to the economic uplift of the country as per the vision of the Prime minister.

Ahsan Malik further informed the minister that this gigantic increase would even refrain the genuine buyer to transfer property in his name. Moreover, the people would start dealing in files rather than opting for transactions in front of the registration authorities. The minister after listening to the delegation carefully directed the FBR to extend the implementation of the revised property valuation til March 1, 2022. Earlier on Dec 1, 2021, the FBR issued a notification for the Revised Rates For Immovable Property Valuation which created a spark among the masses as well as the real estate agents and the matter even reached the senate standing committee on Finance and Revenue. The Senate body directed the FBR to review its decision.