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Federation of Pakistan Chambers of Commerce and Industry and Karachi Chamber of Commerce and Industry reject Property Valuation Tables

Karachi, August 15, 2016 (PPI-OT): A meeting of President of Karachi Chamber of Commerce and Industry (KCCI), Mr. Younus Bashir and other representatives of town associations of Karachi including Junaid Ismail Makda, President of the SITE Association was held today (August 15, 2016) at FPCCI Head Office Karachi under the Chairmanship of Sheikh Khalid Tawab (S.I), Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), to consider the issues related to the High Valuation of industrial areas as well as other old areas of the city.

The meeting was also attended by Mr. Zulfiqar Ali Shaikh, Vice President of FPCCI, Mr. Zubair Tufail, Chairman, FPCCI Standing Committee on FBR Affairs, Mr. Shakil Ahmed Dhingra, Mr. Bilal Mulla, Abdul Hafeez Muhammad, Engr. Nisar Ahmed, Abdul Qadir Memon, Honorary Advisor of FPCCI etc. After a detailed deliberation in the meeting, it was unanimously resolved that:

1. Valuation Tables are not acceptable for industrial as well as other part of the city as these are on very high side, unrealistic and as such are not applicable.

2. These Valuation Tables are prepared without consultation of the stakeholders.

3. There are many legal flaws in the valuation system which needs to be removed in consultation with the FPCCI and other concerned stakeholders as there could not be two regulators.

4. All amendments in the valuation tables be made to make them practical and pragmatic prospectively.

5. Suitable amendments be made in the law to remove the lacunae / anomalies at the earliest as almost all the transaction of the properties at present are stand-still.

6. The FPCCI and its team requested the Finance Minister Senator Muhammad Ishaq Dar to take immediate notice of the issue and resolve the same on urgent basis so that the transactions / dealings of properties are resumed.

For more information, contact:
M. A. Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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