In high-demand areas such as Abdullah Haroon and the Air Force Society, residential plots have been valued at PKR 5,000 per square foot, a figure that underscores the desirability of these neighborhoods
By our correspondent
KARACHI: The Federal Board of Revenue (FBR) has announced a significant update to property valuation rates in Karachi, effective November 1. This new notification reveals a comprehensive range of prices assigned to various residential plots across the city, reflecting both the diverse landscape of Karachi’s real estate market and the economic conditions influencing property values.
In high-demand areas such as Abdullah Haroon and the Air Force Society, residential plots have been valued at PKR 5,000 per square foot, a figure that underscores the desirability of these neighborhoods. However, in a striking contrast, the Baloch Colony within the Air Force Society commands an impressive valuation of PKR 30,000 per square foot, indicating its status as a premium location. Other neighborhoods present a more varied picture; Akhtar Colony and Al-Falah Society both feature residential plots priced at PKR 1,400 per square foot, while Ali Basti is considerably lower at PKR 700 per square foot.
The Askari residential areas exhibit a similar spectrum of valuations. Askari 1, 2, and 3 plots are set at PKR 1,100 per square foot, while Askari 4 rises to PKR 8,200, and Askari 5 stands out with a striking price of PKR 15,000 per square foot, reflecting its appeal to affluent buyers. The Defense Housing Authority (DHA) phases 1 through 7 are valued at PKR 8,200 per square foot, while DHA Phase 7 Extension sees a more modest valuation of PKR 5,000 per square foot. DHA Phase 8 plots are listed at PKR 7,300 per square foot, reinforcing the authority’s reputation for upscale developments.
Beyond Karachi, the FBR has also released updated property rates for Lahore, Quetta, Sargodha, and Gwadar. These changes are anticipated to have a significant impact on the real estate market, providing clarity for buyers and investors navigating the current economic landscape. The updated rates not only serve as a benchmark for property transactions but also reflect broader trends within the real estate sector, informing stakeholders of the evolving dynamics in key urban areas.
