Real Estate Transactions Decline in Four Months of Current Fiscal Year

Real estate transactions across the country have declined steadily over the first four months of the current fiscal year, resulting in a decline in government revenue.

According to the Department of Land Management and Archive, revenue collection from property transactions has been decreasing every month since the start of Fiscal Year 2024/25.

Although the government has introduced measures to ease property transactions, including a recent amendment to the Land Use (Third Amendment) Regulation, revenue collection has not increased as expected.

Land revenue offices had collected Rs 3.28 billion in revenue in the Nepali month of Shrawn (mid-July to mid-August), the first month of the current fiscal year.

The amount fell to Rs 3.14 billion the following month in Bhadra (mid-August to mid-September). It dropped further to Rs 2.75 billion in Ashwin (mid-September to mid-October).

By Kartik (mid-October to mid-November), revenue collection decreased to Rs 2.74 billion, the department said.

During last month, the department collected Rs 213.4 million in service tax, Rs 1.50 billion from registration fees, and Rs 997.8 million from capital gains tax. -- RSS