The property prices in Bahria Town, Lahore also updated because of new property valuation rates and taxes.
Lahore, Punjab -- (SBWIRE) -- 01/03/2017 -- FBR, in collaboration with real estate attorneys, has refreshed the report of recent property taxes budget for 2016-2017. The property taxes have been updated for more than 16 territories, including Lahore. Taxes are often considered as a source of revenue for all central and local government departments. The government determines a specific value of a property due to which a tax is imposed in a specified proportion. Taxes across the world are applied on the basis of basic property elements, but still it varies in many territories.
The authorities in Pakistan have selected 21 main cities for property valuation along with the representatives of the real estate sector. Rates have been freshened because of the July 31 event and the withholding tax rate has been revised from 1% to 4%. CGT rates revised from 5% to10%. The new rates are much higher, also which involve capital tax gains and profit on every transaction.
Property owners in Pakistan have to submit property taxes by the due date every year. This helps the Government to maintain the revenue because high rates of property taxes are the major sources of revenue in the country. Real estate plays a critical role in the growth of the country. Pakistan is also one of those countries where the real estate's contribution is significant in the economy.
The vast gaps have been filled with per marla residential plot prices, especially in Lahore. The price range per marla is Rs. 168000 to almost Rs. 3.8 Million, including all the factors involved. With the increase in the WHT, the value of Bahria Town Lahore also increases. Residential property in Azam is in the range of Rs. 3.8 million per marla. The rate of Badami Bagh and Circular road is Rs 2.37 and Rs 2.2 million respectively. The commercial properties' rate is in the range of Rs 5.6 million per marla. The rate of Bahria town Residential property Lahore per marla is Rs. 456,000 and that of the commercial property is Rs. 1,005,500.
With the fair price bill and increased property rates, the developers of Bahria Town Lahore can invest more money on their upcoming projects. The effect of valuation by FBR will pave the way for the better development of the Bahria town Lahore. All of the property rates in Bahria Town Lahore are revised and increased now. The rate can be found on their website which is an estimated rate from the experts and dealers. The team of Bahria is currently working on many upcoming projects. It is expected that Bahria Town Lahore will inevitably progress in the near future.
For more details and information about the property or new projects, visit the website of Bahria Town Lahore. Contact the complaint cell for queries. Details about latest projects, events or various workshops will be provided to all users.
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Person Name: Dilawar Nadeem - News reporter