Kathmandu- Real estate transactions increased significantly in Mangsir of the current fiscal year following the resumption of kittakaat(Land division), according to the Department of Land Management.
The property market had slowed sharply after land reform and land revenue offices were vandalised during the Gen Z protests in Bhadra and land division was suspended from the beginning of Shrawan. With the reopening of kittakaat in Mangsir, real estate transactions, land division and related revenue have rebounded as expected.
Department data show that 51,632 new properties were bought and sold in Mangsir, while a total of 158,899 real estate transactions were recorded during the month. The number of land plots traded also increased, with 55,080 new plots purchased and sold out of a total of 121,618 plot transactions.
Land division had remained stalled for months due to delays by local governments in land classification. The process resumed after the government amended the Land Use Regulations, 2082 for the third time on Kartik 24, enabling municipalities to move forward with land classification and division.
In terms of transaction volume, the Land Revenue Office at Kalanki, Kathmandu recorded the highest number of transactions in Mangsir, followed by offices in Bhadrapur of Jhapa, Nepalgunj of Banke, Inaruwa of Sunsari and Chitwan. High transaction volumes were also reported from land revenue offices in Belwari of Morang, Dhangadhi of Kailali, Lagankhel of Lalitpur, Bhaktapur and Butwal of Rupandehi, reflecting a nationwide recovery in real estate activity.
