Government To Bring New Law For Real Estate Transactions

Deputy Prime Minister and Finance Minister Vishnu Prasad Paudel has said that the government will soon implement a law that allows only registered companies, authorized by the government, to buy and sell real estate.

Speaking at the third general assembly of the Nepal Land and Housing Development Federation on Friday, Minister Paudel explained that although the law has been passed to regulate real estate transactions through licensed companies, the necessary rules and regulations for its enforcement are still being developed.

He assured that the government is committed to quickly formulating these regulations to put the law into action. The minister also expressed the government's support for the demand from real estate businesses to allow transactions only through brokers.

Minister Paudel further mentioned that the government is considering recognizing land pooling by the private sector.