The Federal Board of Revenue (FBR) has announced a new notification regarding official property rates in 56 cities of Pakistan, fulfilling another commitment made to the International Monetary Fund (IMF).

Starting November 1, real estate rates in forty-five of these cities will increase by up to five percent, bringing them in line with approximately eighty percent of current market rates.

However, the old property rates will remain unchanged in eleven major cities, including Karachi, Lahore, Rawalpindi, Islamabad and Multan. Notable cities such as Quetta, Gwadar, Bahawalpur, Lasbela, Rahim Yar Khan and Sargodha will also maintain their existing rates.

The new rates will apply to other cities including Peshawar, Abbottabad, Faisalabad and Gujarat. Additionally, revised rates have been released for Attock, Haripur, Hyderabad, Wazirabad, Sahiwal and Gujranwala. Changes have also been made in Bahawalnagar, Bannu, Bhakkar, Chakwal, Chiniot, Dera Ismail Khan and Dera Ghazi Khan.

Other notifications have been issued regarding property rates in Murree, Ghoda Gali, Jhang, Ghotki, Jhelum, Kasur, Kohat, Khushab, Hafizabad, Kotli Sattian, Larkana and Lodhran. Fares have also changed in Wazirabad, Sheikhupura, Sialkot, Sukkur, Talagang and Toba Tek Singh. New notifications have been issued for Whari, Mandi Bahauddin, Mansehra, Mardan, Mianwali and Mirpur Khas, as well as Nankana Sahib, Narwal and Nowshera.

The revision of land rates by the FBR is expected to strengthen tax revenues while meeting international financial obligations.