The Federal Board of Revenue (FBR) has released a new market valuation for Karachi real estate, marking the first update in almost three years. Effective from November 1, 2024, the revised property prices offer a streamlined classification, focusing on residential, commercial, and industrial properties across the city.
New System for Property Classification
Previously, Karachi real estate divided into 12 distinct categories. The latest notification has simplified this system by categorizing properties based on their type rather than extensive sub-categories. Another key update is the shift in the measurement system from per square yard to per square foot, ensuring uniformity and ease in understanding property rates across different zones.
Updated Property Rates in Karachi
Under the new valuation, residential and commercial properties in prime areas such as DHA, Naval, Zamzam, and Phase 5 set at some of the city’s highest prices. The rates for these areas are as follows:
- Residential Properties: Up to Rs 60,000 per square foot.
- Commercial Properties: Up to Rs 75,000 per square foot.
For other notable areas, the updated residential property rates per square foot include:
- Abdullah Haroon Road: Up to Rs 7,000
- Baldia Town: Rs 1,300
- Buffer Zone: Rs 3,000
- Civil Lines: Rs 10,200
- Liaquatabad: Rs 3,600
- Shahrah Faisal: Up to Rs 7,000
Areas with relatively lower rates, such as Lyari Quarters, Old Golimar, and Orangi Town, now set at Rs 2,200 per square foot.
Purpose of the New Valuation
The FBR’s revised prices aim to better align Karachi’s real estate market with fair market value standards. This move expected to provide greater transparency in property transactions and aid buyers and sellers in understanding the true value of properties across Karachi.
This update serves as an essential reference for those involved in real estate transactions in Karachi, reflecting the latest adjustments that will guide future property dealings in the city.
 has released a new fair market valuation for Karachi real estate, marking the first update in almost three years. Effective from November 1, 2024, the revised property prices offer a streamlined classification, focusing on residential, commercial, and industrial properties across the city.){kind=link}