Realty business grows across major cities Migration by choice, force spurs transactions
Realty boom was confined to the Kathmandu Valley for the last many years. But the situation is no longer the same. Land and housing ownership transfer records of the government highlight that almost all major cities outside the Valley have started to register boom in business as banks and financial institutions continue investing aggressively in the sector and more people shift their property away from bordering areas due to security concerns. Because of better opportunities, public and private services and security situation, the capital city has always remained the most preferred destination for residence and for doing business. In the last fiscal year too, some 185,000 people and firms bought new land and housing in the Valley. Pokhara, too, has been attracting substantial number of migrants for long. But this trend is fast changing, states a latest report of Department of Land Reforms and Management (DoLRM). As prices in Kathmandu and Pokhara skyrocket beyond commoners´ reach, more people are buying land and houses in inner-Tarai districts in the recent period. For instance, Sunsari (Dharan, Itahari) with 42,965 instances of land and housing ownership transfers in a year fast climbed up the business ladder to record second highest transactions after Kathmandu in fiscal year 2008/09. Even Rupandehi (Bhairahawa, Butwal) and Chitwan surpassed Pokhara in terms of volume of transactions in a year. Jhapa, Dang, Biratnagar, Rajbiraj and Nepalgunj too are fast drawing more buyers from outside of the city.
By: MILAN MANI SHARMA
More at (source): REPUBLICA