KATHMANDU, April 2: Minister for Physical Planning and Works Bijay Kumar Gachchhadhar Thursday said that the government will soon promulgate a new Act to regulate land and housing transactions and facilitate the organized development of the real estate sector.
“The Act has already been registered in the parliament. We will ratify it in this bill session of the parliament,” said Gachchhadhar. [break]
Addressing builders and real estate dealers at the Real Estate Expo - 2009, which kicked off on Thursday, Minister Gachchhadhar also expressed hope that the enactment of the law governing the real estate sector in particular would facilitate the growth of the sector.
“The law will protect the interest of developers, dealers and consumers, and create an environment where investors and the market can operate fairly and reliably,” said Gachchhadhar. While lauding the contribution made by the housing companies for the planned residential development, he also asked them to improve their public image and raise their credibility in the market.
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Visitors watch an apartment model.
Dipsh Shrestha
Dr Sunil Babu Shakya, member of the National Planning Commission (NPC), on the other hand, said that the government has adopted a new slogan “One City, One Identity” and has undertaken new endeavors related to urban planning and city development.
Shakya said that the government would need to form a new national land policy to facilitate land pooling and town development.
Ichchha Raj Tamang—president of the Nepal Land and Housing Developers’ Association, the organizers of the expo—asked for more support from the government to develop the housing sector, which has been flourishing for the last one decade and presently has a turnover of some Rs 80 billion.
Visitors watch an apartment model.
Dipsh Shrestha
The expo, the first of its kind in Nepal, has brought together under one roof 76 companies, including 29 housing companies and 47 manufacturers and suppliers of construction materials. Some 150 stalls have been set up, where the companies will showcase their products and present news and views about the development taking place in the real estate sector.
“Since everyone from the major land planners and skyscraper builders to manufacturers, designers and financers are here, we expect the expo to be a perfect platform for buyers, builders and investors to interact,” said Pradeep Kumar Shrestha, managing director of Panchakanya Group, the main sponsor of the expo.
The expo will last for four days. And some of the participants told myrepublica.com that they may also announce a discount on their prices for buyers who attend the expo.
