KATHMANDU, Oct 22: The real estate business has come to a standstill across the country with the government's decision to classify land. According to the Department of Land Management and Archive, new land plotting have also decreased by about 90 percent in the last three months.

As a result, the revenue collected by the state from real estate business has also been reduced by 62.63 percent. Real estate investors are in trouble since the land business has decreased rapidly and the price of real estate have also decreased.

According to the Department, compared to July, August and October of 2021, there has been a reduction of 87.24 percent in new land plotting in July, August and October of 2022. In July, August and October 2021, 441,770 new land plotting were done, while in July, August and October 2022, only 56,360 new land plotting were done across the country. This is a decrease of 385,410 in July, August and October 2022 compared to 2021.

The state has lost a large amount of revenue as the number of new land plotting has declined. According to the department, revenue of Rs 8.13 billion were raised in July 2021, Rs 8.26 billion in August and Rs 7.33 billion in October were raised. A total of 2.37 trillion was raised from land business in July, August and October of 2022. However, in 2022, Rs 2.73 billion in July, Rs 3.56 billion in August, 2.56 billion in October were collected. The department states that compared to July, August and October of 2021, the revenue collection has decreased by Rs 14.86 billion in July, August and October of 2022.

The government implemented land use regulations from June 6, 2022. In the regulation, the rule to classify the land into 10 types was implemented. In addition, if a new plotting is to be made, a mandatory recommendation from the local level has been implemented. Most of the local levels have not yet classified the land. Due to non-classification of land, there has been a decrease in new land plotting.

According to the Department, there are 126 land revenue offices across the country and preparations are underway to put the remaining five offices into operation. Online system has been implemented in all the land revenue offices across the country. With this, information such as a record of how much business was done in a day, how much revenue was raised and how much new land plotting was done is coming to the center every day.

 
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