Preparation of Land Market begins for real estate transactions to be done from home

KATHMANDU: The government is going to establish a Land Market so that people can buy and sell real estate from home. Once established, they will be able to buy and sell land from the land market.

It has been two months since the Ministry of Land Management, Co-operatives and Poverty Alleviation started discussions for the land market. The Ministry has stated that the final proposal will come in a month and a half and will move forward in collaboration with the Ministry of Finance.

Spokesperson of the Ministry of Land Management, Cooperatives and Poverty Alleviation Janak Raj Joshi also said on Sunday that the process of establishing a land market was accelerating. 

With the establishment of land market, the influence of middlemen who earn money by engaging in real estate business will gradually end. Joshi said that those involved in buying and selling real estate like broker companies in the share market will now come under tax boundaries through the company.

Joshi said, “Just as shares are traded after companies are listed on the Nepal Stock Exchange, there is an arrangement to buy and sell land through listing in the land market.”

“Land market laws, regulations and procedures remain to be discussed. The land market is being launched as the policy and program has come up with the issue that land related transactions should be done through official and recognized institutions,” said Spokesperson Joshi.

How can land be bought and sold from home? 

Land Market is an organization that is formally set up to sell land to buyers or buy land from sellers.

It allows those who want to buy and sell land in the market to buy and sell online. If someone has to sell the land, they can post the details of their land on the Land Market website and buyers can thus buy from the same website.

Concept 

Buying and selling real estate is done through brokers. There is a growing trend of deception in the process of buying and selling land. Even if there is a problem after buying the land, the brokers are not responsible. No one will be deceived when buying land from the Market and no problems will arise later. The government has brought the concept of Land Market to prevent many problems, including revenue fraud.

While doing business from the Land Market, the trend of giving fake land and documents will also be stopped and fraud will be prevented. It also puts an end to the confusion of who to contact to buy or sell land.

Transaction Process 

The website provides information on how to buy and sell real estate from the online system of Land Market. The person selling the house or land has to upload details of the land for sale. Arrangements are made for land buyers to purchase through the website.

Those who want to sell land are listed after updating in the land Market and those who want to buy land can do so online. 

Joshi said that it was not clear whether the central office would be opened within the association or a central office would be opened in all the provinces. 

How it will be operated will be known only after the modality proposal is received.