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The government has introduced a policy to provide relief for real estate traders.
The government has introduced a policy to provide relief for real estate traders. The government has included in the budget the policy of opening up the housing and apartments for sale, which have received permission but could not be sold due to the land exceeding the limit.
In the past, housing and apartments that were built in the name of various industries and companies to occupy land beyond the limit can now be sold. The government has already registered Bill 2082, which is going to amend some Nepal Acts related to land in this session.
In order to prevent land in excess of the limit from coming under the name of the government, businessmen will now be able to construct houses, housing and apartments and sell them even on the land previously held in the name of various industries and companies.
In Section 12 (G) of the current Land Act, there is a provision that the land in the name of the cooperative farming organization designated by the Government of Nepal through a notified order cannot be sold and distributed to the extent specified in the same order. However, in the proposed bill registered in the parliament, it has been amended and said that, 'Despite anything written in this act, a company that has obtained permission to do real estate business in accordance with clause (e1) of section 12, may develop and sell the land within the limits specified by the notified order and develop the land in accordance with the prevailing law or build a house or housing unit (apartment) in such a case.' The exemption to sell and distribute has been kept in the bill. Although the existing law provides the right to transfer and lease the land in the name of the company or organization, it did not give the right to develop and sell houses and buildings. In this, the government The Bill mentions the grounds and reasons for the need to amend to remove ambiguity regarding the fact that companies that have permission to do house and business can purchase land within the limits set by the notified order but can not sell it or not. The government has included this in the budget.
