Punjab govt to revise property rates in upcoming budget

ISLAMABAD: Punjab government has decided to revise upward its valuation table rates of properties in consultation with the stakeholders for their respective jurisdictions for the upcoming budget 2021-22, it is learnt.

Currently, there are three different valuation rates exist for properties as one notified by FBR, second valuation rates notified by DC in their respective districts and third actual valuation of the property on the basis of the actual value market value of property in each area of city or town.

According to official communication, sent out by Punjab’s Board of Revenue to all deputy commissioners/district collectors, stating that the collectors of districts are empowered to notify the rates of immoveable properties in the area of their jurisdictions under Section 27-A (1) of the Stamp Act, 1899 read with Punjab Stamp (Valuation Table in respect of Immoveable Property) Rules 1999. The valuation tables are required to be notified for the forthcoming financial year before or 30th June every year.

According to the guidelines provided in the rules ibid, the collector shall notify the valuation tables on the basis of value which in his opinion is the average of the highest and the lowest rates of the immoveable property in a zone. The draft valuation tables are required to be placed in the offices of collectors of the district, assistant commissioners, tehsildars, halqa patwaris, etc. for information and calling of objections by the public on proposed valuation tables.

The district collectors are authorised to include any other officer/stakeholders most preferably the real estate associations in the committee for finalisation of the valuation tables after removing all anomalies in the valuation tables.

The valuation tables approved by the committee shall be notified by the collectors of the districts in the official gazette under Rules (9) of the Punjab Stamp (Valuation Table in respect of Immoveable Properties) Rules 1999 before 30th June, 2021.

The convener of Federation of Pakistan Chambers of Commerce and Industries (FPCCI) for Real Estate sector Ehsan Malik told this scribe on Wednesday that he held meeting with Punjab’s Member Revenue Board Hayat Tarrar in order to improve valuation tables of properties in the province. He was informed that the work on revising valuation tables in Punjab would kick-start from April to May 2021 so real estate associations were advised to establish contacts with deputy commissioners/collectors of their respective areas in big cities.

For rural areas, he said that the nambardars could contact their DC in their respective areas to give feedback on valuation tables of immoveable properties. Ehsan Malik said that the stakeholders must play proactive role for valuation of DC rates because if these were fixed on higher side it might cause loss to real estate sector in the next financial year.