Karachi tycoons decry ‘unfair’ property valuation

KARACHI: Industrialists based in Karachi have urged the government to level the playing field by ensuring uniform property valuation rates across the country.

In a two-day meeting held on Wednesday and Thursday with the members of sub-committee of the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs headed by MNA Mian Abdul Mannan, the industrials complained that the calculation of the scales, measurements and rates of immovable properties in the urban area of Sindh were unfair as compared to the rest of the country.

These leaders — who represented the industry, real estate and the Association of Building and Developers — informed the committee members that in cities like Karachi, Hyderabad and Sukkur the scale was measured in square yards for residential, commercial and industrial plots. The plots were further divided into built-up and open plots, they said.

Source: Dawn