NLHDA holds 8th Real Estate Expo in Kathmandu

KATHMANDU: Nepal Land and Housing Developers' Association (NLHDA), in partnership with the Lalitpur NLHA and Bhaktapur NLHA, held 'Real Estate Expo 2023' at Brikhutimandap Exhibition Hall in Kathmandu from December 28 to 30, 2023.

Minister for Land Management, Cooperatives and Poverty Alleviation Ranjita Shrestha, was the chief guest at the opening ceremony of the eighth Real Estate Expo on December 28.

Prominent guests included Nepal Chamber of Commerce (NCC) President Rajendra Malla;  Confederation of Nepalese Industries (CNI) President Rajesh Kumar Agrawal; Federation of Contractors' Associations of Nepal (FCAN) President Rabi Singh, and Nabil Bank Deputy Chief Executive Officer Manoj Kumar Gyawali.

In his keynote speech, Deepak Kunwar, First Vice President of the NLHDA, said, "The expo's foremost objective is to establish a collaborative platform that brings together industry stakeholders, investors, and potential buyers to rejuvenate the sector and, in turn, fortify the nation's economy." He added, "Land and housing companies are essential for proper urban development, wise use of limited land resources, and ensuring safe housing."

He addressed Minister Shrestha concerning the challenges presented by land regulations to those interested in entering the industry.

During the event, CNI President Agrawal remarked, "Despite various economic measures, significant efforts are still required to fully activate the economy. Infrastructure investment is vital for enhancing the nation's economic activities. It has been observed that contractors undertake projects without a definite source of funding, which obstructs their capacity to invoice for completed work. As a result, approximately $40 billion in contractor payments are pending, leaving labourers without work."

He continued, "This is crucial for the growth of the overall economy, and the government must pay attention to this. Investments in infrastructure lay the groundwork for a stronger economy."

NCC President Malla noted, "Land-Housing businesses contribute about $50 billion to the economy each year," and advised that regulations pertaining to land housing enterprises should be effectively managed. He also pointed out additional factors that cause investor reluctance, mentioning that banks demand 250% equivalent monthly instalments for loans.

Minister Shrestha stated, "Organising a significant real estate expo such as this will certainly aid in reinforcing the country's economic activities. The relevant department has implemented regular policy updates in the field of land management. The first amendment to the Land Use Regulations issued by the Government of Nepal has been introduced to simplify the kittakat (partition of property), thus enabling the efficient execution of the Land Use Act 2076. Furthermore, I am aware of the influence of land restrictions on the advancement of the real estate sector. The government is also committed to resolving the existing issues related to land limitations."

The event concluded with Minister Shrestha unveiling a new publication titled 'Aawas Smarika'.