ISLAMABAD: Federal Board of Revenue(FBR) has increased the property valuation price by 80 percent in 56 cities of the country.

The FBR has increased the property valuation rate to 80 percent in 56 cities to bring the property value closer to the market rate, the new rates will be applicable from November 1.

According to the circular notification issued by FBR, the price of property in E7 of Islamabad is 150,000  per square yard, in sector E6 and F7 the price per square yard is 140,000,  while in F7 per square yard Square yard 140,000 , and E 11 per square yard fixed at 70,000.

The notification stated that property rates have also been increased in Abbottabad, Attock, Bahawalnagar and Bannu, while new property rates have also been set in Bhakkar, Bahawalpur, Chakwal, Chiniot and Dera Ismail Khan.

Property prices have also increased in Dera Ghazi Khan, Faisalabad, Gujranwala and Gujrat, similarly, new property rates have been set in Hafizabad, Haripur, Karachi and Kasur.

According to FBR, Lahore, Okara, Mianwali, Quetta, Rawalpindi, Sahiwal and Sargodha are also included in the list.

FBR said the valuation tables will help in generating more revenue from properties.

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