ISLAMABAD: The Federal Board of Revenue (FBR) Tuesday decided to engage top property valuation experts of the State Bank of Pakistan (SBP) for proper assessment of properties.
According to a press statement issued by the board here, the SBP experts would hold meaningful consultations with the key stakeholders including real estate agents and town developers.
The initiative has been necessitated after the board received a number of complaints from different quarters wherein property valuation had been reported to be beyond the market price.
The FBR statement said that the recently notified property valuation by FBR was finalized 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 was reasonably good, the statement added.
However, after receiving complaints, FBR took cognizance of this issue and decided to engage SBP experts for consultations with stakeholders.
This consultative process would review such cases individually and thereby make necessary recommendations to remove distortions if any and bring property value near market price.
