KATHMANDU, Nov 18: Real estate transactions saw some improvement in the month of Kartik (mid-October to mid-November). More than 33,000 properties were bought and sold across the country during this period.
According to the Department of Land Management and Archives (DoLMA), real estate transactions saw a rise of 9.78 percent in Kartik. A total of 33,514 deeds were approved, marking an increase of 2,987 compared to Ashoj (mid-September to mid-October), when 30,527 properties were transacted.
Compared to the month of Kartik last year, transactions increased by 28.67 percent. In the same review month last year, 26,046 properties were traded nationwide.
Businesspersons say that the real estate market is expected to expand as the peak season for property transactions begins. The three months from Shrawan (mid-July to mid-August) to Ashoj each year are considered the off-season for real estate, during which transactions are lower compared to other months.
Now that the major festivals in Nepal have concluded, economic activities are expected to pick up, which will likely lead to increased real estate transactions. In addition, continuously plummeting bank interest rates are anticipated to further boost property deals.
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Despite the increase in real estate transactions, revenue from these transactions has declined by double digits. In Ashoj, the government collected Rs 3.812 billion in revenue from property transactions across the country. However, in Kartik revenue dropped by 12.24 percent, amounting to Rs 2.74 billion. The decline in revenue is attributed to a decrease in the trade of high-value properties in urban areas. In contrast, the majority of transactions in Kartik involved lower-priced properties in rural areas, leading to a lower revenue collection.
Property transactions in Kartik
The highest number of property transactions during Kartik occurred in Sunsari, where the Land Reform and Revenue Office, Inaruwa, processed 1,246 transactions. Morang ranked second with 1,112.
According to the DoLMA, Dhanusha saw 1,024 property transactions, Saptari recorded 1,022, Bhadrapur in Jhapa had 998, and Dhangadhi in Kailali had 863 property transactions.
Similarly, in Malangawa, Sarlahi, there were 747 property transactions; in Siraha, 712; in Banke, 704; in Taulihawa, 684; in Rupandehi, 681; in Bhaktapur, 677; in Ghorahi, Dang, 655; in Tulsipur, 632; in Lahan, 621; in Parsa, 617; in Chitwan, 616; in Kohpur, 609; in Biratnagar, 599; in Mahottari, 550; in Lagankhel, Lalitpur, 536; in Kalaiya, Bara, 519; and in Damak, Jhapa, 516 property transactions.
Areas with highest revenue collection
Kathmandu Valley delivers the highest revenue. Due to the trade of properties at higher prices, a significant amount of revenue is collected from this area.
According to the DoLMA, the highest revenue of Rs 24.57 million has been made from the Land Revenue Office, Lagankhel, Lalitpur.
Similarly, revenue of Rs 214.25 million has been collected from Chabahil, Kathmandu, Rs 176.89 million from Bhaktapur, Rs 178 million from Kalanki, Kathmandu, Rs 157.7 million from Dillibazar, Kathmandu, and Rs 117.9 million from Kaski.
Apart from these, less than Rs 100 million in revenue has been collected through other land revenue offices. According to the DoLMA, Rs 79.8 million has been collected from Chitwan, Rs 78.9 million from Sunsari, and Rs 72 million from Kailali.
Similarly, Rs 67.4 million has been collected from Rupandehi, Rs 60.6 million from Butwal, Rs 55 million from Manmaiju, and Rs 58 million from Biratnagar, Morang.
