Revenue collection from real estate business increased by 30 percent

KATHMANDU: The revenue collected from real estate business has increased by 30.16 percent in mid-September to mid-October. The data of Land Management and Records Department shows that revenue collection has increased in last month compared to previous of the current financial year. In mid-July to mid-August, Rs 2.73 billion revenue was collected from real estate business. According to the department, the revenue of Rs 3.56 billion was raised in last month.

The department said that after the local level started classifying the land, the revenue started to increase along with the increase in business. Compared to previous month, along with the revenue in last month, the transaction of land has also increased.

According to the department, while only 98,064 land transactions were made in previous month, 108,881 transactions were made in last month. When the local level started classifying the land and giving recommendations, the number of land acquisitions started to increase.

After the government made a 12-point decision to implement Land Use Regulation 2079 BS on May, the land use has been stopped. In point 1 of the decision of the Council of Ministers circulated by the Ministry of Lands Management, Cooperative and Poverty Alleviation, “For the purpose of determining arable land (agricultural area) or non-agricultural area, the local land use council shall classify agricultural area and non-agricultural area based on the criteria set by Land Use Act, 076 and Land Use Regulation, 079.” According to the same decision, only the local level should make a recommendation for the purpose of allocation.

Soon after, the Ministry of Land Management, Cooperatives and Poverty Alleviation issued a statement and issued a circular to all municipalities to separate agricultural and non-agricultural land by the November. The ministry said that for the time being, only agricultural and non-agricultural areas should be separated by decision of the local land use council. “After that, land use area classification at the relevant level, land use plan formulation and implementation work has to be done,” the ministry said in a statement.

The Land and Surveying Department do not have the data that so far the local level has been classified. However, because the local level contacted for inquiries, more than 100 local levels are in the process of separating agriculture and non-agriculture, said Department of Survey spokesperson Damodar Dhakal. “More than 100 local authorities have started classification,” he said, “Some have reached the final stage, while some have already done classification.”

Fiscal Nepal |
Wednesday October 12, 2022, 04:39:44 PM |

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