It has been quite a while since the purchasing and selling of real estate between people started in Nepal. Notwithstanding, it has been uniquely around thirty years since this area has developed as a business industry.
Who started this, when, how and for what reason? We should dive into the subtleties of the historical backdrop of the real estate business in Nepal.
1. Land inside the ambit of law
As referenced by the Department of Land Management and Archive, in the Muluki Ain gave in 1853/54 under the Prime Minister Junga Bahadur Rana, there were arrangements about leasing land and related undertakings.
This is supposed to be the principal example of the real express area's guideline in Nepal.
2. Record keeping
During the Rana period, land charge was the primary kind of revenue of the country. As per the Department of Land Management and Archive, the practice of keeping orderly records of the land (their status and zone) in the fields and sloping zones started in 1873/74.
3. Foundation of the land revenue office
The 'Maal Adda' (land revenue office) was set up in 1896 as an establishment for land organization. Similarly, Tahasil Karyalaya (account office), at first set up to pay compensations to the staff and gather the bills, was converged into the Maal Adda in 1902.
4. Land arrangement and survey
Chandra Shamsher, who managed Nepal from 1901 to 1929, characterized the land into four classifications: awal, doyam, appear, and chahar. In the interim, a land survey was led in 1907 with the assistance of chains. After that, the land was burdened by the kind.
5. Start of proprietorship move
The way toward moving the privileges of the real estate (houses and land) in a composed structure started after the foundation of the Pota Registration Adda in 1921. Additionally, the practice of passing the enrollment of real estate at the Maal Adda started on April 13, 1922.
6. Beginning of plot (kitta) survey
In 1923, the arrangement of keeping the land records based on maps started with the presentation of the plot survey in Bhaktapur.
7. Proclamation of acts
The Immovable Property Requisition Act was proclaimed during the 1950s which was the primary law as an act to administer the area. Similarly, the Land Reform Act, 1957 was brought to secure the privileges of occupants.
In 1960, the Birta Abolition Act was enacted. Essentially, the Land Survey and Measurement Act, 1962 was presented trailed by the Lands Act, 1964. Meanwhile, the Land Administration Act, 1966 was additionally proclaimed.
8. Redesign of the land revenue office
At first, the Land Administration Office was set up under the Ministry of Land Reforms in nine locale, including three regions of the Kathmandu valley, to care for the organization of land and the guide arranged according to the Land Survey and Measurement Act, 1962.
In 1967, the Land Administration Office was renamed into the Land Reform Office. Then, the then Revenue Office and Funds and Collection Offices were likewise changed over into the Land Revenue Office, set up in 1969 under the Land Revenue Department of the then Ministry of Finance.
Once more, the name of the Land Revenue Office was changed to the Revenue Office and Funds and Collection Offices in 1971. After the Land Revenue Act, 1978, was given, the Land Revenue Office was set up independently under the Ministry of Finance the following year. It made the way toward purchasing and selling the real estate simpler.
9. Way to commercialisation
Min Man Shrestha, a focal individual from the Federation of Nepalese Chamber of Commerce and Industries and the leader of the Urban Development Committee under the FNCCI, says that the area has pushed forward financially solely after the 1990s. From that point forward, the attraction of the businesspersons here has been expanding, adds Shrestha.
After the lawful acknowledgment of the real estate business in 1990, numerous businesspersons enlisted their own organizations and started real estate businesses in the Kathmandu valley.
Thusly, the real estate business has continuously gotten more extensive. As of now, this business has taken a business structure in the Kathmandu valley as well as in numerous locale.
