Property prices hiked in major cities; Reevaluation by FBR

 

Property prices hiked in major cities In a drastic move pakistan tax revenue and budget making body Federal Board of Revenue(FBR) has reset the property prices after going through market evaluation of sale and purchase of nonmoveable property like residential,and commercial.

According to the FBR, the residential ,commercial apartments and flats which are included in  immovable property have been reset in major cities while earlier it ewas reset in twenty cities. includes commercial and residential apartments, flats and other properties. 

The move is obviously in a bid to collect more taxes from the transacttions of property and those who are involved in real estate business, which will not only slow down the sale purchase of property and construction thereupon but will likely hit the capacity of poor and middle class to purchase a plot or house from their meagre earnings. 

The move is not applaudable in any ways to collect the tax buildup from the sector which is dire need of every family,just to fill up the budget deficit gap rather than bringing all in tax net .

This move have raised the prices of real estate manifold and badly hit urban cities are  Islamabad, Karachi, Lahore, Rawalpindi, Hyderabad, Rahim Yar Khan, Sargodha, Gwadar, Larkana and others.