Land-property transaction act in the offing

The government is preparing land-property transaction act to regularise the sector. The government has initiated this effort to facilitate and regulate the transactions of lands and properties.

Authorities felt the need for the act to manage the urban development. The act drafted by the Department of Building has been sent to the Ministry of Law. "It has been discussed at various phases. It will soon be submitted to the parliament," said a source at the department.

After the act comes into effect, government approval will be required to carry out works like land plotting, housing development and sales. This will also bring over 150 housing development companies operating in the country under the normal tax net. These companies are said to be carrying out transactions over Rs 10 billion a year, at present. nepalnews.com sd Feb 07 07