Ishaq Dar agrees to give relief to the Real State Sector

Lahore : Federal government has accepted the demand of real estate sector of city-wise valuation tables instead of authorising the State Bank of Pakistan to evaluate properties through its valuators.

The government and the Real Estate Builders and Association have agreed on fair valuation of the immoveable property in 18 major cities of the country.

Finance Minister Ishaq Dar said that to constitute a 13-member committee for fair valuation of the immoveable property in 18 major cities of the country.

Both Federal Board of Revenue (FBR) and the real estate sector would separately valuate the immoveable property in the cities which would be presented in the next meeting to be held on July 27 for finalisation. The government side was led by Finance Minister Ishaq Dar. The decision of the city-wise valuation tables was taken in a third meeting between the government and the Real Estate Builders and Association.

Ishaq Dar informed the media that next meeting between the two sides would be held on July 27. “The two parties would reach a consensus as the things are going towards positive direction,” he added.

The minister said in the next meeting to be held on July 27, the two parties would reach a consensus as the things were going towards a positive direction.

The government has decided to take the power of the SBP back for evaluating properties through its valuators. The investors outright rejected the fair market valuation system introduced through an amendment earlier this month. The real estate sector stakeholders had decided not to accept the property valuations determined by the State Bank of Pakistan-nominated valuators. This decision has brought the government on table for discussing it with relevant stakeholders.

Sources revealed both the sides would come up with ranges of valuation of properties from 2 to 12 on area basis. In metropolitans such as Islamabad, Karachi and Lahore, FBR will have to finalise categories in the range of over 10 to 15 types.

The decision would be taken on the issue of different percentages for different cities on the basis of the existing collector values. Even within the cities, there are different categories of values for property.

Dar said the government had been listening to the genuine issues of the business community and this time, too, it would accommodate them.

On the occasion, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Abdur Rauf Alam said the government was responding to their issues positively. “We will reach a consensus in the next meeting as the government understands the issues of the business community,” he said.