Image via WikipediaWhen the budget was announced this year, there was a good news and bad news for prospective property buyer in Sindh.The good news was that Capital Value Tax(CVT) was reduced from 4% to 2%(However, from now on, CVT will be collected by provincial government, instead of the federal government when a property is purchased).
The bad news was that the provincial government increased the property rates in Sindh's valuation table, which translated into a substantial increase in property prices.
They valuation table divides area into different categories and assign rates based on size and location; rates apply to both plots and residential/commercial/industrial property.
Here is a look at two of the top residential categories:
Category A-1 includes some of the Karachi's most upmarket areas such as Bath Island, Clifton, DHA phases 1,11,V and phase V extension, as well Muhammad Ali Housing society and Sindhi Muslim Cooperative Housing Society.
In these areas rates for both empty and built up residential plots increased by 307.4%.
- Rates for empty plots increased by 11,205Rs per square yard(from 3.645 to 14,850Rs).
- Rates for built up plots increased by 17,430Rs per square yard(from 5,760 to 23100Rs).
Category I includes Abdullah Haroon Road, Burns Road, DHA phases IV, VI and VII, GUlshan-e-Iqbal Block 17, I.I Chudrigar Road, M.A Jinnah Road, North Nazimabad, and Queens Road.
In these areas rates for both empty and built up residential plots increased by 239.5%.
- Rates for empty plots increased by 6790Rs per square yard.
- Rates for built up plots increased by 8.370Rs per square yard.
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That is a very bad thing but government is totally responsible for all this is happeining.
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