22nd April 2025, Kathmandu
During the third anniversary celebration of the Ministry of Land Management, Cooperatives, and Poverty Alleviation(MOLCPA), Minister for Land Management, Cooperatives, and Poverty Alleviation, Balram Adhikari, stressed the importance of entrepreneurs playing a key role in developing Nepal’s real estate sector into a recognized and prestigious industry.
Nepal Real Estate Sector Growth
Minister Adhikari acknowledged the misconception that real estate in Nepal is driven solely by profit. He pointed out that while some countries have successfully elevated the sector’s status, Nepal still struggles with this image.
He explained, “We need to correct the belief that real estate is only about making money. This misconception is hindering the sector’s growth.” The Minister emphasized that unless this is addressed, the sector will not expand successfully. He also encouraged business owners to follow the legal framework of the country to operate their businesses.
Government Support for the Private Sector
The Minister highlighted the government’s ongoing efforts to support the private sector by making policy, legal, and procedural reforms. He specifically mentioned the upcoming updates to Nepal’s outdated land and mapping laws.
“A committee has been formed to work on revising the land-related laws, and discussions with experts and stakeholders are ongoing,” he stated. He further shared that the mapping law draft has already been completed.
Real Estate’s Role in Nepal’s Economy
Buddhinarayana Shrestha, the founding member and advisor of MOLCPA, also addressed the gathering. He emphasized that the real estate sector plays a major role in Nepal’s economy.
He said that it is essential to address the problems faced by entrepreneurs through direct dialogue. He also mentioned that the real estate sector contributed NPR 33 billion in revenue during the last nine months of the current fiscal year. Shrestha called for the government’s help in removing the challenges that real estate professionals face.
A Call for Collaboration
Vishnuprasad Ghimire, President of MOLCPA, expressed his support for government collaboration in improving the sector. He assured that real estate professionals are eager to work with the government for the nation’s economic prosperity. He added that entrepreneurs are ready to resolve the policy and legal issues that have been impeding the growth of the industry.
Honoring Pioneers in Real Estate
At the event, Minister Adhikari honored Buddhinarayana Shrestha and Meenmar Shrestha, two key figures in the Federation, for their dedication and contributions to the development of Nepal’s real estate sector.
Looking Ahead
Minister Adhikari’s statements reflected a broader plan to reform and boost the real estate industry through collaboration between the government and private entrepreneurs. By tackling misconceptions and addressing legal challenges, Nepal’s real estate sector can become a thriving and respected part of the economy. Both public and private sectors must work together to ensure the sector’s future success.
For more: Nepal Real Estate Sector Growth