FAISALABAD: Faisalabad Chamber of Commerce & Industry (FCCI) has demanded immediate consultation with stakeholders to re-fix fair market value [DC rates] of immovable properties, in accordance with the ground realities.
Addressing a press conference here at FCCI office, FCCI President Atif Munir Sheikh said that the government was trying to stabilise the economy through mobilization of untapped potential of the real estate sector. But the Federal Board of Revenue (FBR), one week ago, increased the value of immovable properties without consulting the real stakeholders. “This situation prompted upward increase in prices of immovable properties, ” he said and added that it shattered the dreams of poor people who were planning to build their own houses through subsidized loans, offered by the government. However, it was encouraging that the Standing Committee of the Senate revoked the increase and directed the FBR to re-fix the value of properties.