New land rates of City areas notified

LAHORE:Federal Board of Revenue (FBR) has notified new rates for residential and commercial lands in the provincial metropolis.

The notified rates are applicable with immediate effect. The FBR gazette has announced valuation for 1,235 areas of the City. The valuation has been either doubled in most cases and some new areas have also been included.

According to the new notification, the value of one-marla residential land in Abdalian Society is assessed at Rs1.5 million and for commercial plot it is 4 million. The per marla rate for residential land notified by FBR on December 1, 2021 for this area was Rs1.85 million.

At the rate, a filer buyer must pay for residential plot an income tax of Rs1,500,00 for a plot of 10-marla and for non-filler the tax would be Rs3,00,000. On commercial plot the tax would be Rs4,00,000 for filer and Rs8,00,000 for non-filer. For all societies adjoining Canal Bank beyond Thokar the notified rate is Rs1.24 million for residential and Rs2.6 million for commercial land.

The notified rate for Bahria Town is Rs1.35 million per marla (residential) and Rs2.75 million for commercial. The earlier notified rate was Rs1.75 million for residential user. No change in rate is made in Canal Bank near two sides of Campus where residential rate is Rs1.6 million per marla and commercial rate is Rs4.25 million.

On main Bund Road Motorway Chowk to Chowk Yateem Khana the rate was not changed and it remained as Rs2.15 million per marla for residential and Rs3.80 million for commercial.

In EME Society the old notified rate was Rs1.87 per marla for residential and Rs 6 million per marla for commercial while the new rates in EME Society are Rs1.3 million for residential and Rs4.95 per marla for commercial. For Iqbal Avenue the rate is Rs1.4 million for residential and Rs2.65 million for commercial while for Johar town it is Rs1.6 million per marla for residential and 3.15 million for commercial. For plots on main roads of Johar Town the notified rate is Rs2.1 million for residential and Rs4.25 million for commercial plots. The notified rate is Rs1.5 million per marla and Rs4.25 million for commercial plots in Valencia town. The notified price for Raiwind Main Bazaar is Rs 1.25 million for residential and Rs2.75 million for commercial plots.

For Park View (river edge) assessed rate is Rs1.2 million for residential and Rs2.65 million for commercial plots. The notified rate of Allama Iqbal Road is Rs1.45 million for residential and Rs2.8 million for commercial. For Saddar Bazaarthe rate is Rs1.85 million for residential and Rs6.75 million per marla for road commercial plots. For Cantonment Boards the rate is Rs3.15 million for residential and Rs6.5 million for commercial plots per marla.

Garden Town Main Boulevard Rs2.8 million for residential and Rs5.3 million for commercial. The rates have been enhanced at a time when the cement uptake (the barometer for construction activities) has declined by almost 3 percent in first 8 months of this fiscal. The housing activities are on the decline.

The housing scheme launched by this government gave numerous concessions to the builders and individuals including amnesty on declaring source of funds as the idea was making housing affordable for the common man.

Now that the housing projects of the builders are in full swing, and they are about to dispose of their houses/flats the valuation rates have been more than doubled by the FBR in more than 40 cities.