Land Reform Minister Adhikari calls for reforms for real estate sector 

KATHMANDU: Minister for Land Reform, Co-operative and Poverty Alleviation, Bala Ram Adhikari, has stressed the need for entrepreneurs to actively develop the real estate sector as a prestigious industry.

Speaking at a programme organised to mark the Third Establishment Day of Nepal Land and Housing Developers' Federation (NLHDF) in Kathmandu today, Minister Adhikari emphasised that it is the responsibility of real estate entrepreneurs to dispel misconceptions about the sector.

"Some nations in the world have advanced real estate business as a prestigious industry. But in Nepal, this sector has failed to convey a positive message. It is necessary to eliminate the misconception that real estate business in Nepal is solely profit-driven," he remarked.

Urging real estate entrepreneurs to operate within the country's existing laws, Minister Adhikari asserted that the government is undertaking policy-level, legal, and procedural reforms to support the private sector.

He further stated that preparations are underway to revise the six-decade-old Land (Survey and Measurement) Act. He added that the ministry has formed a committee to draft a Land Act, and the Survey Act has already been prepared.

Similarly, NLHDF Founder and Advisor Buddhi Narayan Shrestha highlighted the significant contribution of the real estate business to the country's economy.

He stressed the importance of resolving issues in the sector through discussions with relevant entrepreneurs.

"A total of Rs 33 billion in revenue was collected from the real estate business in the first nine months of the current fiscal year," he added.

NLHDF President Bishnu Prasad Ghimire expressed the readiness of real estate entrepreneurs to collaborate with the government for the country's economic prosperity. He urged the government to address policy-level and legal obstacles faced by entrepreneurs.

On the occasion, Minister Adhikari honoured NLHDF Founder Shrestha and Advisor Minmar Shrestha.

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