Government to establish ‘Land Market’ to buy and sell real estate

KATHMANDU: The government has taken initiative to bring land purchase and sale within the formal system.

The Ministry of Land Management, Cooperatives and Poverty Alleviation said that the concept of ‘Land Market’ has been put forward to bring the sale and purchase of real estate in the informal sector.

The government has formed a committee to study the establishment of ‘Land Market’ as per the policy and program of the current fiscal year.

“At present, if someone wants or needs to sell land, they have no choice but to go to the informal sector. If they need to sell land, they have to sell it for a cheap price and if they want to buy a piece of land, it is very expensive. So, the government is gearing up to setting up a land market like stock market,” said the officials from the ministry.

According to the ministry, the government is going to make arrangements for those who want to buy and sell real estate online. If someone has to sell the house and land, the details of their land will be posted on the website and the buyer will buy those real estate through the same website through open competition.