Khalid Imran Chaudhry, founder of the Progressive Union Group of Islamabad State Agents Association, has strongly rejected the Federal Board of Revenue’s recent move to raise official property values in the capital, calling the change a cruel decision that threatens the real estate sector.
Chaudhry warned that unrealistic and unfeasible increases in government valuations are equivalent to crushing the business community and run counter to the country’s economic interests. He pointed to government values set as much as 500 times higher than actual prices, saying such levels would create a major obstacle to foreign investment and damage investor confidence.
Expressing concern for livelihoods, he said millions engaged in real estate-related trades could be adversely affected. Buyers and sellers have already expressed anxiety that the additional property tax burden and the FBR’s new reporting and verification requirements will complicate transactions and raise operational costs for both small and large businesses.
Chaudhry urged Prime Minister Shehbaz Sharif, Interior Minister Mohsin Naqvi, and FBR Chairman Rashid Mehmood Langrial to withdraw the increase and to prepare a new valuation table after consultation with all stakeholders. He also called on CDA Chairman Muhammad Ali Randhawa to cut transfer fees and offer practical facilities to support investors.
Business representatives said sudden and strict tax policies reduce investor confidence and could slow market activity. They warned that higher overall tax rates may depress transactions, deter new filers who find the process complicated, and indirectly affect prices and profit expectations across the market.
The backlash highlights growing resentment in Islamabad’s business community over the property tax changes and underlines calls for a collaborative review to avoid a prolonged market slowdown and protect employment linked to the sector.
