Property valuation: FBR to engage SBP experts for consultation

ISLAMABAD: The FBR has decided to engage top property valuation experts of State Bank of Pakistan (SBP) for making consultations with stakeholders concerned and recommend changes in recently notified valuation rates of immovable property rates in 40 cities of the country.

The recently notified property valuation by FBR was finalised with due diligence and through a consultative process by the field formations. This upward revision of property across the country was aimed at bringing the property value closer to the market price, in line with the global best practices. This rigorous exercise has been reasonably good. However, FBR has received a number of complaints from different quarters wherein property valuation has been reported to be beyond the market price.

Taking cognizance of this issue and addressing the genuine grievances, FBR has decided to engage top property valuation experts of the SBP who will hold meaningful consultations with the key stakeholders including real estate agents and town developers. This consultative process will review such cases individually and thereby make necessary recommendations to remove distortions if any and bring property value near market price.