In the 10 months of the current fiscal year, revenue of Rs 43.54 billion has been generated from real estate transactions. The highest revenue of Rs 6.26 billion has been generated in Baisakh since Shrawan of the current fiscal year. Earlier, revenue of Rs 6.16 billion had been generated in Chaitra. 

The monthly data of the Department of Land Management and Records shows that the overall real estate transactions have decreased in Baisakh compared to Chaitra. While there were 176,771 real estate transactions in Chaitra, there were 169,538 transactions in Baisakh. Although the overall number of real estate transactions has decreased, the number of new real estate transactions has increased, according to the department's data. While there were 55,531 new real estate transactions in Chaitra, there were 58,886 new real estate transactions in Baisakh.

Bishnu Ghimire, President of the Nepal Real Estate and Housing Development Federation, says that revenue from buying and selling large land has increased but the number is low. ‘If there are small real estate transactions, the number is visible. But the revenue is less,’ he said, ‘The overall transaction has decreased in Baisakh. But the approval of new documents has increased. Revenue has increased. That is because of large transactions.’

Meanwhile, the government has made it mandatory for real estate transactions with a turnover of more than 30 million rupees to be carried out only by licensed companies. The department issued a notification on Monday, making it mandatory for companies to carry out transactions only within metropolitan cities and sub-metropolitan cities across the country.

Ghimire also said that since most real estate transactions are below 30 million rupees, a limit of 30 million should not be set. ‘All types of transactions should have been covered by the license, and a limit of 30 million should not have been set,’ he said. 

Businessmen have been citing the division of real estate as the main reason for the fluctuation in real estate transactions. Businessmen also say that when the division of real estate is closed, transactions decrease and when the division of real estate is opened, transactions increase. With the issuance of the Land Use Regulations, 2079 BS, land parcels are being closed and opened in the country. According to the regulations, municipalities across the country must classify the land under their jurisdiction into 10 areas, including agriculture and commercial. However, when municipalities do not classify, land parcels are being stopped and opened.

The government has already amended the regulations three times and opened land parcels. Since Shrawan of the current fiscal year, land parcels were stopped in 500 municipalities due to non-classification by municipalities. Businessmen have been saying that real estate transactions have decreased due to the halt in land parcels. At the end of last Kartik, the government amended the Land Use Regulations, 2082 BS and opened land parcels.

In order to open land parcels when municipalities did not classify on time, the government amended the Land Use Regulations, 2079 BS for the third time last Kartik. Land administration work, including land parcels, had been stopped in 620 municipalities since the beginning of Bhadra, 2081 BS. At that time, only 133 municipalities had completely classified their land. Immediately after, on 27 Bhadra 2081, the Land Use Regulations, 2079 were amended for the second time, giving municipalities until Asar 2082 to classify land. By Asar 2082, only 253 municipalities had completed the classification, while the division of plots was stopped in 500 municipalities.

When the regulations were issued in Jestha 2079, there was a provision to designate agricultural areas by opening four forts within 6 months. By Mangsir 2079, only a few municipalities had allocated agricultural areas. After that, the land had to be classified into all 10 areas. But since most municipalities did not classify, the regulations were amended on 32 Shrawan 2080 and a provision was made to designate agricultural areas by opening four forts within one year.

Four years after the government issued the Land Use Regulations, only 338 municipalities have classified real estate as of last Magh. According to the Ministry of Land Management, Cooperatives and Poverty Alleviation, only 44.89 percent of the total 753 municipalities have classified real estate with plot-wise details.

According to the ministry, 47 municipalities have not yet started classification. A total of 164 municipalities are preparing the basis and criteria and updating the maps and preparing the plot-wise details. 138 municipalities are preparing the basis and criteria and updating the maps. 51 municipalities are preparing the basis and criteria and 15 municipalities have only allocated agricultural areas.

The Gen-G demonstration took place last Bhadra. Businessmen have been saying that real estate transactions and revenue have decreased due to the closure of plot-cutting in most municipalities and damage to the Land Revenue and Land Reform Office due to the Gen-G demonstration. Compared to Shrawan and Bhadra of the current fiscal year, revenue decreased in Asad and Kartik.