LAHORe – The United Property Dealers Association on Monday held a protest demonstration in front of the Press Club against the Federal Board of Revenue for wrong evaluation of properties in different areas of Lahore.
The dealers of various localities, holding banners, chanted slogans against the FBR, saying the whole list of new evaluation was unrealistic, which the officials had prepared without consultation with the stakeholders.
The property dealers of China Scheme, Gujjar Pura, Alia Town and Bhagat Pura said that the FBR had fixed the new rate of these areas at Rs0.75 million per marla from the earlier DC rate of Rs0.275 million; an increase of more than 100 percent.
They said that these areas were very backward and the actual market rate of a plot in these localities was not more than Rs300, 000. A property dealer, Mushtaq Sulehri, said that business of property transfers had halted since the announcement of the new evaluation system and imposition of fresh taxes on real estate sector in the budget for 2016-17.
He argued the new system introduced by the federal government had totally stopped registration of properties in Lahore, causing frustration among the applicants and huge losses of revenue to the government.
He said the FBR had notified valuation of immovable properties more than the fair market value in many cities.
He demanded the FBR to remove anomalies in this regard and bring the valuation at par with the fair market value for which the government had enacted the new law.