ISLAMABAD - Faiz Ullah Kamoka, chairman of National Assembly Standing Committee on Finance and Revenue, has assured that the FBR would finalise the new market values of properties in consultation with ICCI and other stakeholders as input of representatives of real estate and construction sector was very important to resolve this issue amicably.
He said this while interacting with the members of ICCI Real Estate and Developers Committee during his visit to Islamabad Chamber of Commerce and Industry, which was convened to discuss and propose new property rates to FBR.
Faiz Ullah Kamoka said that the government was cognizant of the problems created by the new market values of immovable properties announced by FBR on 1st December 2021 and he has already discussed this issue with chairman FBR who is a very cooperative person. He said that soon a meeting of Board of Revenue Punjab and FBR would be convened to address this issue. He said that his Committee has also included this issue in its agenda of next meeting in which the representatives of ICCI would also be invited to get their input in order to settle this matter with consensus. He said that Valuation Review Committees (VRCs) are being made at RTO level and ICCI should send names of its representation to him for inclusion in VRC of RTO Islamabad. He said that the overseas Pakistanis have made record investments in the real estate sector in Pakistan and the government would not take any measures that would create hurdles for them. He further assured that he would take up the ICCI proposal for the establishment of a new industrial estate in Islamabad with the Prime Minister for materialization of this project.
Speaking at the occasion, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry said that FBR had hiked the market value of immovable properties ranging from 100 to 600 percent, which had created panic in the market and property transactions had stopped due to which the government was also losing tax revenue. He said that banks were seeking property values from the real estate sector when pledging property as collateral for lending while courts were also seeking property values from this sector for adjudicating the property disputes, but it was unfortunate that the FBR has finalized the new property values without consulting with stakeholders. He urged that FBR should finalize the new property rates in consultation with stakeholders to settle this issue with consensus and enforce them from 1st July to to facilitate maturity of this year’s property transactions.
Jamshaid Akhtar Sheikh, Senior Vice President, Faheem Khan, Vice President ICCI, Sardar Tahir Mehmood, President & Musarat Ejaz, Chairman Federation of Realtors Pakistan, Chaudhry Muhammad Masood, Convener of ICCI Real Estate & Developers Committee, Chaudhry Muhammad Naseer, President Islamabad Builders and Developers, Zahid Rafique, Secretary General Islamabad Estate Agents Association, Muhammad Ejaz Abbasi, former President ICCI, Muhammad Naveed Malik & Tahir Abbasi, former Senior Vice Presidents, Ashfaq Chatha, former Vice President, and others also spoke at the occasion and urged that the property rates proposed by ICCI in consultation with stakeholders should be accepted by FBR. They said that FBR has no proper mechanism for determining property values and DC should have the power to determine property rates. They said that FBR should set a timeframe of property valuations and values should be revised after every 3 years.