President of Islamabad Developer Association and former president of the Islamabad Chamber of Commerce and Industries SardarYasirIlyas Khan has expressed concerns over the recent announcement made by the Federal Board of Revenue (FBR) regarding revision of property valuation rates upward across 56 cities, effective from November 1, 2024.
In a statement, he said the revision was anticipated to have a detrimental impact on Pakistan’s real estate landscape and could potentially lead to further capital flight. It is crucial to note that the real estate industry serves as a driving force for approximately 60 allied sectors, and this decision may have severe consequences for these sectors as well, he added.
