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Nepal: New Department to Be Established to Evaluate Property |
| Source: |
nepalnews.com |
| Source Date: |
Monday, February 14, 2011 |
| Focus: |
ICT for MDGs
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| Country: |
Nepal |
| Created: |
Feb 21, 2011 |
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Ministry of Land Reform and Management is planning to establish a separate department for evaluating property.
The ministry said the new department is being established in order to precisely evaluate the value of land and bring uniformity.
"The ministry has already prepared a draft of the act to materialise the concept of the department," Abhiyan daily quoted spokesperson of the ministry as saying.
The Draft Formulation Committee, formed by the ministry, sketched the draft of the act a month back. The draft will get a final touch after incorporating prescriptions forwarded by concerned agencies.
The concept of department has been forwarded with an aim to deter the swelling trend of showing low price in carrying out real estate transaction and receiving more loans from bank and financial institutions (BFIs). Even various government agencies are found to have evaluated the same property in different ways.
Currently, there is a growing trend of evaluating land at excessive rate especially by those going abroad for study.
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