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Punjab Government 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’s learnt. Currently, there are three different valuation rates for properties first notified by FBR, second valuation rates notified by DC in their respective districts and third actual valuation of the property which is based on the actual market value of property in each area of city or town. 

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

Property rules by FBR

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

The district collectors are authorised to incorporate the other officers/stakeholders most preferably the real estate associations within the committee for finalisation of the valuation tables after removing all anomalies within the valuation tables. The valuation tables approved by the committee shall be notified by the collectors of the districts within the official gazette under Rules (9) of the Punjab Stamp (Valuation Table in respect of Immovable Properties) Rules 1999 before 30th June, 2021. 

The convener of Federation of Pakistan Chambers of Commerce and Industries (FPCCI) for land sector Ehsan Malik told this scribe on Wednesday that he held a meeting with Punjab’s Member Revenue Board Hayat Tarrar so as to enhance valuation tables of properties within the province. He was informed that the work on revising valuation tables in Punjab would kick-start from April to May 2021 so assets associations were advised to ascertain 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 allow feedback on valuation tables of immovable 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’d cause loss to realty sector within the next fiscal year.

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