RSS Recent news and property updates from, Nepal's largest real estate community. Copyright 2018, ( Sat, 20 Jan 2018 15:56:41 -0700 en-GB Thu, 24 Dec 2009 11:15:04 -0700 Mini property boom in Nepal <br>Nepal experiencing a mini real estate boom<br>Nepal may not be the obvious next property hotspot but the mountainous country between India and China is experiencing a mini real estate boom as wealthy Nepalese real estate investors seek a safe have for their money, it is claimed.<br>Government figures show the number of new apartments built in Kathmandu rose more than three-fold last year to 3,385 from 1,088 in 2007, as high land prices and poorly enforced planning laws made building upwards more attractive.<br>According to the Nepal Land and Housing Association, land prices have risen by 300% since 2003. There has also been an increase in the number of estate agents in the capital city, Katmandu.<br>Among those who are rushing to become involved in the booming property business is former Miss Nepal Malvika Subba who also had a successful career in television before opting for the less glamorous job of selling housing.<br>She is now head of sales and marketing at property developer Shangri-La Housing which builds luxury apartment, a new concept in the landlocked country.<br>Although unrest may put off foreign investors it is having the opposite effect in Katmandu as those living in unstable areas move to the capital and buy property as well as wealthy investors who want to put their money in bricks and mortar.<br>'People see property as a good investment. Many people tell us that it is not safe outside the capital and they want to put their money in a safe place,' explained Subba.<br>'When I was offered a job marketing real estate, I said yes straight away, because it looked interesting and I could see that business was booming,' she added.<br>Land has become a valuable commodity, mainly due to the decade long civil war between the Maoists and the army as people flocked to the relative safety of the capital.<br>The influx pushed up land values in the city, explained Chiranjibi Subedi, a planning official in Kathmandu.<br>'The number of proposals for new high-rise buildings and apartment complexes just keeps on growing,' he added.<br>There are currently more than 250 high-rise blocks being built in the capital, according to the planning ministry. But a spokesman also pointed out that many apartments in Kathmandu are empty as owners cannot find tenants.<br><br><br>Source:Websearch(google.News on Property)<br> Thu, 24 Dec 2009 14:20:20 -0700 2008/2009What an eventful year Despite the weak economic outlook, 2009 took the property market by s Asian economies were reveling in an unprecedented decade of growth when the US sub-prime market began to collapse. The shockwaves did not reach Asia’s shores until September 2008 with the collapse of Lehman Brothers. Singapore – a large open economy with heavy reliance on financial and business services became the first Asian casualty.<br>By October 2008, Singapore had slipped into a technical recession and the economy was expected to record the largest economic contraction since independence. By end March 2009, private consumption has been contracting for at least a good two quarters. Public consumption, on the other hand, expanded as government attempted to stop the rising unemployment with public spending. In Singapore, given the openness of the economy, the government stimulus package was at some 7.4 percent of the GDP. While the concerns of rising inflation in the long term and current account deficits are real, supporting growth and domestic demand are more important. After all, consumer price indices have slipped into the negative region. Lending rates have also been cut to spur domestic demand.<br>The government stimuli, low interest rate, and slew of other financial aids have ameliorated the negative impact brought forth by the global financial crisis and have finally found their way into the private market.<br>Singapore’s economy outperformed expectations by recording a positive year-on-year growth of 0.6 percent in 3Q09, leading the Ministry of Trade and Industry (MTI) to revise its full-year economic forecast to –2.5 percent to –2.0 percent from the –6.0 percent to –4.0 percent.<br>However, the Singapore economy is not out of the proverbial woods as weak global demand mired is likely to continue to put a drag on the economy.<br>Hiring activity has improved with the total employment expanding by 15, 400 jobs although the majority of these newly created jobs are being filled by foreigners rather than local residents. According to the preliminary data released by the Ministry of Manpower (MOM), unemployment among the resident labour force increased from 4.6 percent to 5.0 percent in 3Q09, while the overall unemployment inched up marginally from 3.3 percent in 2Q09 to 3.4% in 3Q09. The residents’ share of the total islandwide unemployed persons (seasonally adjusted) has increased from 92.0 percent in 2Q09 to over 96.0 percent by 3Q09.<br>Total wages have reportedly been growing at a slower rate. In 2008, they rose only 4.2 percent compared to 5.9 percent in 2007. Taking inflation into account, real wages have actually contracted by 2.3 percent. The total wage in 2009 is expected to see even slower growth although the impact on real total wage may be mitigated by the low inflation rate.<br>As the recent growth has been largely driven by gains in the manufacturing sector, particularly output from the volatile biomedical manufacturing and inventory restocking, the sustainability of this trend has been called into question. The outlook for the Singapore economy remains weak and current market positivism is likely to be fragile. The most recent shock to global markets over the fear of fallout from Dubai’s debt problems is a case in point.<br>Despite the weak economic outlook, interest in the residential market has heightened. The affordability of residential properties has improved remarkably, and with prices of residential projects falling by some 30 to 40 percent has further motivated buyers.<br>Singapore residential – deflating the asset bubble<br>In Singapore demand for residential properties has increased. The overall cost of funds in the market continues to remain highly competitive. The Singapore Interbank Offered Rate (SIBOR) reached a low of 0.3 percent in September, spurring demand for private residential homes, especially new launches.<br>Buyers see the potential upside of the property prices and have pushed demand for new launches over the first nine months of 2009 at 12, 855 units to surpass the total figure of 11, 064 units that was achieved in 2006. In the secondary market, transactions are less at 10, 818 units for the first nine months of 2009. Nonetheless, the new sales market has pushed the overall URA Property Price Index (PP I), including Jones Lang LaSalle price indices, to surge by 8 to 16 percent quarter-on-quater in 3Q09.<br>On a monthly basis, the average sales volume of 1, 470 since February 2009 has exceeded the 330 units that were achieved in the entire year of 2008. Since June, the state has attempted to cool the market with consultation on the Income Tax Amendment Bill where the tax authority clarify conditions that certain gains and losses from disposal of real properties are to be disregarded for tax purposes. While it caused some public stir, this issue had limited impact as the monthly sales surged to an all time high of 2,650 units compared to the previous peak of 1,714 units in August 2007.<br>On 14 September, the Urban Redevelopment Authority (URA) issued a set of measures to curb market speculation including the removal of two financial schemes that were previously introduced to spur housing demand - Interest Absorption Scheme and Interest Only Loans. This anti-speculative announcement probably had more impact on the market than the individual measures themselves. By early November, not only has URA injected eight new residential sites into the Confirmed List ahead of market expectations, the Monetary Authority of Singapore (MAS), in their release of the annual Financial Stability Review cautioned buyers over the dangers of the bullish housing market.<br>Expect more measures<br>Although buying interests have cooled, recent sales volume is still higher than the average over the same period in 2007. Allowing for seasonal behaviours, the average monthly sales of 940 units recorded since September 2009 is more than double that over the same period in 2007.<br>We expect that the state will introduce further measures if sales volume continues to exceed the market average of about 500 to 520 units per month in a lull market. The state may advise the banks to reduce the loan to value ratio to prevent speculative demand.<br>Given that PP I tends to be a laggard i.e. and price correction is often preceded by a noticeable drop in the transaction volume about three to four months before, other more aggressive supply-side measures such as further injection of government sales sites into the Reserve List could be deployed especially if the PP I does not stabilise over the course of first quarter in 2010.<br>Should all these soft approaches fail to reign in transaction volume and prices, there is the eventual option of reintroducing the capital gains tax. We have seen how the Singapore market reacted when the capital gains tax was introduced in 1998 and was subsequently lifted in 2001. While this option may seem harsh, it could be introduced especially if the speculative behaviour brings about more cost than benefit to the economy.<br>Dr Chua Yang Liang leads the Jones Lang LaSalle research teams in the Southeast Asia region, encompassing Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Trained as an urban planner, Dr Chua brings to the Firm a different perspective to the fundamental research on the property market. He publishes original research on regular property market updates, rental and price indices, topical property market matters as well as consultancy assignments.<br>Source –<br> Mon, 11 Jan 2010 10:58:42 -0700 Land grabbers It appears from the recent practice of land capture in Nepal that it may go the way of Zimbabwe, a country which is taken as a classic example to demonstrate what can happen when land reform programmes take a wrong course. Once considered to be the bread basket of southern Africa, Zimbabwe is now struggling to feed its people with more than half of the population being malnourished. Tourism has collapsed due to conflict and insecurity, and a large chunk of the population has been pushed out by poverty to neighbouring countries for work. From 1990 to 2008, confiscation of land owned by large landowners was pervasive in Zimbabwe, and it was done in the name of land reform.<br><br>Started with a well-intentioned programme of transferring land owned by white settlers, who constituted 1 percent of the population and controlled 70 percent of the arable land, to local black peasant families, the land reform programme was politicised in Zimbabwe. Cadres of the Zimbabwe African National Union’s Patriotic Front (ZANU-PF), a party headed by Robert Mugabe, were encouraged to capture the land and distribute it to the cadres and sympathisers of the party. While large tracts of land owned by white settlers went to ministers, government officials, military personnel and big shots of the ZANU-PF, a small part of the confiscated land was distributed to cadres and small farmers. Even though land distribution was taken as a “carrot” to attract the support of poor rural peasants, the real benefit went to the party and its leaders.<br><br>While no one denies the inequality in land ownership in Zimbabwe and the historical injustice suffered by the black peasants, the modality of land reform and the vested political interest of a single party created a situation in which people would not invest in agriculture or in the conservation of land and other associated natural resources like forest and water. Moreover, the distribution still became unequal — the previous position of white farmers was taken over by big political leaders and military personnel supporting a political party. This created mistrust among the people, which resulted in political and civil conflict. This all made Zimbabwe the today’s Zimbabwe.<br><br>It seems that Nepal is also following in the footsteps of Zimbabwe in terms of land capture. The practice of confiscating land is presently being highlighted by the media, but it began a long time ago. Another recent development in land is the rapid rise in prices, especially in Chitwan, Nawalparasi, Dang and other western Tarai districts and market centres in the hills. Both the trends of land capture and land price rise seem to be adversely affecting the very poor people that the policy is intended, at least in words, to benefit. This recent experience reveals that land is just out of reach of the poor and landless. A poor man or woman can never think of buying a piece of land in these locations or anywhere in the country for farming or building a house. <br><br>The recent practice of grabbing land in Nepal is being done by members of the United Communist Party of Nepal (Maoist). Interestingly, as reported in the newspapers and also as has been observed in Dang and other places, this was not done to distribute land to landless people in a fair way, but to develop housing plots and sell them at high prices. In many cases, even the rightful owners of the land, i.e., those who have invested their hard earned money or labour to purchase the land respecting all the laws of the land, have been pressured to make a distress sale of their land at a cheap price. The other members of the same group which put pressure for this distress sale, buy the land, develop plots for housing, and then put them up for sale at high prices. Therefore, two unusual practices are being seen at the same time. The landowners sell the land at throwaway prices, and the real buyers, who need land for housing or for other purposes, have to pay exorbitant prices.<br><br>This new style of land capture is different from the one that was practiced during the people’s war. At that time, land owned by large landowners, usually those belonging to different political ideologies, were confiscated; and landless and marginal farmers were allowed to remain on it to grow crops. But this practice neither helped in increasing production nor improving the security of those cultivating the land. Both local production and the livelihoods of the poor suffered. Closely related to the practice of land capture is grain capture, which has also increased in recent times.<br><br>The way land prices have increased now also indicates that this is not conducive for agricultural development. Nor will this be conducive for social justice in land distribution that the government aims to bring through scientific land reform. The investors have invested in land not with an intention of developing farms or real estate, but to promote speculation in land and reap large benefits. It is also doubtful as to who the real investors are and how they could accumulate so much cash to buy land at such dreadful prices. The price of land in some western Tarai districts has been surging almost two-fold each year. If land prices increase at such a rate, it will probably be difficult for the government to buy land and distribute it to the poor and landless through the land reform programme.<br><br>While equitable distribution of land and protection of tenants in terms of their rightful share in production is important, it needs to be done by the government after making proper regulations and respecting all human rights of all groups and classes of people. Taking the law into their own hands by the cadres of a certain political party and capturing the land in the name of social justice and land reform will not solve the problem. While it may get the support of a group of people for a short time, the country’s prosperity will suffer. Moreover, the political uncertainty and conflict that results from such extra-legal practices will render even the well-intentioned land reform programme unsuccessful harming the very people this programme intends to benefit. After all, this is what happened in many countries where land reform programmes were not successful. In the light of this experience, all the political parties need to show maturity and help make this land reform programme beneficial for all so that it can help bring a peaceful environment that will be conducive for economic development.<br> source:The Kathmandu Post Mon, 11 Jan 2010 12:51:15 -0700 Impact Of NRB Directive On Real Estate For the last several years, the business of real estate has flourished considerably in Nepal. People tend to buy plots of land not for the purpose of building houses thereon but from a commercial viewpoint. There are two major reasons for the increasing investments on land and buildings: easy and cheap bank loans and inward remittances. <br>Banks and other financial institutions have a real estate and house loan portfolio of Rs. 114 billion. This figure would represent about 12 per cent of the overall economy. This goes on to show that many people have been attracted to real estate and housing loans. Besides, the remittances sent home by Nepalese workers working abroad have also been used for land acquirement or housing purposes. <br>Migration<br>The unrest prevalent during the insurgency period forced an umpteenth number of people to migrate to the cities or abroad. The trend of such migration is still going on. With such migration, the need for land for the migrants to house themselves has arisen. This has sent them searching for land at any cost. <br>In the meantime, real estate entrepreneurs have become active. Capitalising on easy financing from financial institutions, they have been able to do well in their business. Even general people have now developed a tendency to buy land, however small, in the hope of selling it at a higher price in the future. <br>In fact, the prices of land are going up so much that it will not be a surprise to find the prices double in one year’s time - a hundred per cent return. As such, investments on land have turned out to be more profitable than those in gold or fixed deposits.<br>Nowadays, there is a tendency on the part of the builders to pool together many plots of land, build apartments and sell them to the general public. Similarly, some people tend to acquire a swath of land, parcel it out into small plots and sell them. And those who buy such plots also tend to sell them, thus giving a commercial touch to land transactions.<br>The real estate sector is a risky sector. Despite this, investment in this sector has literally grown out of hand. Realising this, Nepal Rastra Bank, which had suggested to the financial institutions to curb real estate lending in the past, recently came up with a directive to control real estate transactions. <br>The directive is two-pronged: on the one hand, it has aimed at setting measures for the real estate and house loan exposure of financial institutions and on the other, interests will have to be raised by five or six per cent. The financial institutions will have to keep their real estate and house loan exposure to 40 per cent of the total loan exposure by the end of this fiscal year, to 30 per cent by the end of the fiscal year 2067-68 and to 25 per cent by the end of the fiscal year 2068-69. <br>With a hike in the bank rate imposed by Nepal Rastra Bank in order to retrench imports amid a rising trade deficit, the commercial banks have also hiked lending rates. <br>The directive will work towards reducing real estate and housing transactions by restricting bank loans and imposing higher interest rates on such loans. The other sources of funds for such transactions are remittances sent home by Nepalese workers working abroad. However, the flow of such remittance money has also slowed down due to the world recession. <br>With restrictions in place regarding disbursement of real estate and house loans, even a greater flow of remittance money cannot spur real estate and housing transactions.<br>There is now a scuttlebutt going around in the market. Will land prices come down? Some people say that land prices will go down because it will be difficult to raise loans from financial institutions. Others are of the opinion that land prices may not go down but they will stabilise at the present level for some time to come. <br>One thing is, however, certain - land prices will not go up. A price crash, which is more likely at this juncture of time, will adversely hurt real estate entrepreneurs and apartment builders. People are now trying to find out how the wind blows. <br>The directive has, thus, brought about ripples in the real estate sector. It has also impacted small loan clients as they will have to pay higher interest on their loans. They cannot avoid the juggernaut of costly interest because they have agreed in their loan papers that they are agreeable to floating interest rates. With the recently announced directive, small loan clients will be put to injustice. They will have to pay higher interest for no fault of theirs. <br>The financial institutions will be more than happy because they will be able to raise their interest income. Most of such loan clients may not be in a position to repay their loans. In such a case, they will have to sell their property in order to repay their loans. However, a good aspect of the directive is that such loans will not have to be recalled at once in order to keep them within 40 per cent of the total loan exposure. The financial institutions have until the end of this fiscal year to regularise their real estate and house loan portfolio.<br>Relief measure<br>A relief measure must be worked out for the protection of the interest of the existing real estate and house loan clients. They should be allowed to enjoy the existing interest rates and only the new loan clients should be levied revised interest rates. Otherwise, the existing loan clients may be compelled to dispose off their property financed by a bank or some other financial institution to repay their loans in order to steer clear of heavy interest payment. But it may be more difficult to find buyers, given the present situation engendered by the directive.<br> Source:The Rising Wed, 27 Jan 2010 14:09:46 -0700 Nepal Real Estate Business-Looking for a revival After a four-year slowdown, the country’s real estate business is now looking for a revival. Though realty developers have not announced any major projects, enquiries for budget apartments are increasing and land revenue offices (LROs) in Kathmandu are seeing a surge in revenue collection. There have been positive movements in realty transactions in Kathmandu, the major market for the country’s realty business. All the five LROs in Kathmandu district have exceeded their revenue target in the first nine months of the current fiscal year.<br><br>Revenue collection during the last one-month period (mid-March to mid-April) of the five LROs in Kathmandu stood at Rs 570.5 million, a four-year high. Officials of the Department of Land Revenue Management (DoLRM) said that transactions in land plots worth less than Rs 3 million have increased significantly over the period. Likewise, realty developers said that they had witnessed a surge in enquiries for budget homes. “As investors have lost confidence in gold, investments in real estate are bound to rise,” said Iccha Raj Tamang, president of the Nepal Land and Housing Developers’ Association (NLHDA). <br><br>NLHDA general secretary Min Man Shrestha said that the situation for the realty business in the country is slowly becoming favourable. “Compared to the situation around a year ago, business has become more stable,” said Shrestha, adding that home loans, on which the interest rate was standing at around 16-18 percent until a few years back, now stands in the range of 9.5-12 percent, offering a big respite to the sector.<br><br>Likewise, Green Hill City managing director Bhesh Raj Lohani said that the scenario of the real estate market had become livelier with people showing interest in purchasing property.<br><br>While most of the people planning to go for real estate properties are still reluctant to make a move, there are some who are actively searching for properties in town. Most of these buyers say that the significant correction in prices and stability in the market has ended their wait and watch mode. “Compared to the period when the real estate market crashed, the price of properties has corrected by around 50-60 percent. This has motivated buyers,” Lohani said. He added that the price of real estate has remained stable since the past three years. Even though prices of construction materials have surged by around 25 percent, developers haven’t increased the price of real estate.<br><br>Right time for home buyers<br>Of the total housing and apartment projects being implemented in the country currently, around 25 percent are ready for handover. Likewise, 50 percent of the projects will be completed within the next three to four months, which will give enough choices for buyers.<br><br>“Four years back when the realty market crashed, people had to make investments relying on the construction plans and designs. Since construction of almost 75 percent of the projects will conclude within the coming three to four months, people can actually have a look at the properties they are looking for,” Shrestha said.<br><br>Another factor that makes this the right time for buyers to make an investment in real estate is the increasing price war between developers. Now the domestic market features apartment projects starting from around Rs 2 million per unit which can perfectly match the buyers’ pockets. Likewise, easy financing facilities with the promise from financial institutions to maintain the same interest rate for a fixed time interval too makes property buying a good decision currently.<br><br>Decade-long history<br>The real estate and housing business which assumed formal shape around 11 years ago has come a long way. It is now one of the sectors having significant investments. According to realty developers, the sector currently has an investment of around Rs 200 billion. Between mid-April 2005 to March 2013, around 65 apartment projects having 6,330 apartment units were implemented. Of the total, 12 apartment projects have acquired completion certificates, making 870 units of apartments ready to move in for buyers. Likewise, the scenario of stand-alone housing too is no different. Numerous property developers are constructing stand-alone houses. According to a rough calculation, there are around 1,200 stand-alone housing projects going on at current. <br><br>The future<br>Realty developers say the business has completed its transition phase. “The real estate business has completed its transition phase. As the major concern of buyers, that is prices, being corrected, the future is certainly good,” said Lohani.<br><br>He added that there is always a big demand for homes in the Capital, and this trend will continue for years to come. Another factor that makes the future of the realty business bright is the change in the mindset of developers. While most of the projects being developed today are focused toward offering shelter along with luxurious amenities, the ones coming in from now onwards will basically focus on offering the basic necessities of the general people.<br><br>“Real estate projects coming in now will be dedicated to the common people,” Shrestha said. “Most of the companies will increase their focus on affordability.” Shrestha, however, feels that there is very little chance of growth in apartment projects in the near future. “It takes around two to three years to acquire a permit for developing apartments. And since most of the developers are staying away from this, there will be an increment in the construction of stand-alone houses,” said Shrestha.<br><br>A rough calculation indicates that around 30 ropanis of land are required to construct 100 stand-alone houses.However, apartments can accommodate 211 families in an area of just 12 ropanis of land. Going by this figure, apartments seem to be a must in cities like Kathmandu, which has been losing its charm due to haphazard urbanisation.<br><br>Despite being the need of the future, developers say that the development of apartments cannot be ensured until and unless there is improvement in the current policy. According to Shrestha, the government should play an active role in the implementation of a one-door policy, land acquisition and discouraging unorganised urbanisation. “Apartments are the basic necessity of every developed city, and Kathmandu is no exception. Sooner the better, the government should take this issue seriously,” said Shrestha.<br><br>Another thing that developers feel is necessary is offering home loans at an affordable price for first-time buyers. “Implementation of a policy that permits foreigners to buy homes in Nepal too is necessary,” Shrestha said.<br><br>He added that countries like Thailand, Vietnam and Indonesia, among others, have gained economic prosperity through real estate development and Nepal too can go through the same process for economic stability. “Unfortunately, it has been three years since the government endorsed the policy but hasn’t become successful in implementing it,” Shrestha said.<br><br>source: Giri, Sanjeev (2013),"Looking for a revival",The kathmandu post,2 may 2013 Tue, 03 Dec 2013 16:18:15 -0700 Realty check : Property transaction units Tue, 03 Dec 2013 16:22:02 -0700 Realty check : Property transaction units '12 '13 Despite low transactions, revenue collection from land is higher.<br><br>Land transactions have contracted significantly in the last two years following the Nepal Rastra Bank (NRB) and government express ing serious concern about the high investment in realty sector in 2010-11. The directives of NRB to limit the banks and financial institutions (BFIs) investment in real estate to 25 per cent is the main reason cited for the sluggishness, according to realty experts.<br><br>“The revenue collections in the fiscal year 2009-10 and 2010-11 were Rs six billion, which were unexpectedly higher than our target. However, after NRB's policy to cap the ceiling of real estate exposure of BFIs, the revenue collection gradually showed a southward trend year on year,“ says Kamal Timalsina, undersecretary at the Department of Land Reform and Management (DoLRM), Babar Mahal. Stating that the transaction of land is normal these days, Timalsina says, “Though land transaction on need basis has not been affecte much, plotting, h o u s i n g projects and apartments are significantly slow-paced.“<br><br>Land transactions in sub-urban areas and village development committees (VDCs) are higher than in core urban areas. “The reason for the increased transaction in sub-urban areas is that the land is comparatively more affordable there,“ says Dinesh Prasad Sharma, chief of Land Revenue Office (LRO) at Dillibazaar.<br><br>According to DoLRM, the total land transaction units of VDCs till January in the country for this fiscal year were 96,788, while urban areas recorded 44,783 units. In the fiscal year 201112, DoLRM witnessed total transaction of 761,070 plots, in which VDCs scored 536,740 units and urban areas recorded 224,330 units. Reportedly, the dealings of land are comparatively high in Kathmandu valley, Pokhara, Bhairahawa, Jhapa, Chitwan, Biratnagar, and Birgunj areas. Timalsina informs, “The property transfer to women is increasing in urban areas privilege provided for women while less women have property in their names in the VDCs.“<br><br>Stating that land transaction is decreasing, Sharma says, “Registration revenue, however, has soared due to active enforcement of the Money Laundering Act and stringent activities of the Commission for the Investigation of Abuse of Authority.“<br><br>Sharma further informs that opposed to the past, landowners these days do not conduct as many fake transactions, where the amount was reduced in the paper to evade the tax.<br><br>Timalsina says that the registration revenue target set for fiscal year 201213 is Rs 4.20 billion and DoLRM is confident about reaching it. According to Timalsina, they have already collected Rs 2.890 billion till February.<br>The increasing number of collateral land in BFIs, monitory policy of NRB, taxation and income source disclosure provision for more than Rs 10 million are the reasons that have impacted the realty. Unlike 2010-11, investment in land transaction is not bearing much fruit, Timalsina says, “Witnessing stagnancy in realty, we presume people have shifted focus and are investing in gold and silver, share markets, industrial and agricultural sector, among others. That is positive sign for the economy.“<br><br>Baburam Khanal, vice secretary at LRO, Lalitpur, says, the land price is comparatively lower, as there are more sellers than buyers in the market. Stating that land prices have depreciated by up to 25 per cent, he claims only those who are in direct need of funds to clear their loans are selling their property at lower rates.<br>He says, “Land owners are holding on to their property expecting a rise.“<br><br>Khanal presumes that the situation will get better after six months. The IRO at Lalitpur witnesses numerous land transactions from sub-urban areas like Imadol, Lamatar, Saibu, Bungamati, Sanogaun as per individual need basis. <br><br>source: The Himalayan Times,9 March 2013 Tue, 03 Dec 2013 16:23:01 -0700 Nepal Real Estate Business-Looking for a revival Business of Realestate is slowly making leap forward in small sector. Sat, 22 Feb 2014 12:14:08 -0700 Land records to go online in 6 months Land records to go online in 6 months<br>2014-02-16<br> <br>Landowners will not need to wade through mounds of paper at the Land Revenue Office (LRO) to get the details of their properties and taxes due once the land records go online after six months.<br><br>Property owners will be able to view the information from the comfort of their homes, and be saved a lot of frustration as the government has planned to implement a new automation system, the Land Records Information Management System (LRIMS), at 14 LROs across the country.<br><br>The Department of Land Reforms and Management (DoLRM) has been working to get the LRIMS up and running to make life easier for landowners by saving them from having to contend with a bewildering bureaucratic maze.<br><br>The government has started maintaining an online database at the LROs at Dilli Bazaar, Chabahil, Kalanki, Bhaktapur, Lalitpur, Baglung, Banke, Morang, Chitwan, Dhading, Kaski, Kavre, Makwanpur and Parsa and at the DoLRM under the LRIMS project. <br><br>Our land records management system is slow. We are hopeful that this initiative will bring the overall land record management system into a specific process, said Tej Raj Pandey, director general at the DoLRM. The first phase of the initiative is being implemented at the LROs of metropolitan and sub-metropolitan cities where land transactions are higher. <br><br>According to Pandey, the online system will be operated as a pilot project at the Bhaktapur LRO for around three months before being enforced at other LROs. We will be going live perhaps by September, Pandey said.<br><br>The system is being devised to automate land transaction related functions of the LROs on different land transaction process requirements and to make the information easily accessible to landowners and related authorities. <br><br>Likewise, according to Pandey, the online system will enable the department to increase scrutiny on the several issues including anomalies of government officials as well as middle men. Several aspects like monitoring of capital gains tax and the land ceiling hasnt been effectively enforced as it is hard to do so under the manual system, said Pandey. Once the system is implemented, the department can directly monitor such issues. <br><br>The DoLRM is also mulling issuing integrated land ownership certificates once the system is formulated in all the places across the country. Integrated land ownership certificates will make it easier for the government to acquire information about land acquisition by individuals. <br><br>The government permits people in the Tarai region to own 11 bighas of land (10 bighas as property and 1 bigha for residential holdings), while the ceiling in the hilly parts of the country has been fixed at 75 ropanis (70 ropanis as property and 5 ropanis for residential holdings). <br><br>In preparation for an online base, the DoLRM has started digitalization and migration of data to the online system at seven LROs across the country. At the same time, application design and development is going on. Likewise, hardware procurement and networking is likely to start next week. <br><br>According to Shree Chandra Shah, director of the IT department at the DoLRM, data migration has started at all five LROs in the Kathmandu valley (Dilli Bazaar, Chabahil, Kalanki, Bhaktapur and Lalitpur) and in Birgunj and Chitwan. <br><br>Almost 40 percent of the data migration task has been completed so far, Shah said, adding that data migration and application development were the most crucial task. Once, we are done with these tasks, other work will be completed. <br><br>The DoLRM has planned to complete the data migration and digitalization process at all the LROs within three months. The main server will be installed at the DoLRM and the Government Integrated Data Centre (GIDC) situated at Singha Durbar. <br><br>The ICT development project has been funded by the Asian Development Bank (ADB). An agreement worth US$ 1.365 million was signed between the DoLRM and RMSI, India on April 1, 2013. The Indian company is working with the DoLRM to implement the system. According to Pandey, the ADB along with World Bank is willing to help the initiative in the days to come based on the outcome of current project.<br><br>source: the kathmandu post,15 feb 2014 Mon, 24 Feb 2014 10:15:37 -0700 Hepali Commercial House in Golfutar, Kathmandu 4 Shuttered commercial house at Galfutar, Hepali . 3 Shutter already on rent. 2nd Floor under construction. Only 200 mtr from main road (Galfutar Chowk, ) Good for small family who wants to stay and take rent value. Thu, 03 Jul 2014 06:20:18 -0600 Min 3.5 to 16 annas land for SALE 22lac ONLY in Kupondole, Patan HURRY! HURRY! HURRY... 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