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Started 1 week ago · Updated 1 week ago

Nepal's Realty Transactions Revenue Up 15.2% in 10 Months, OAG Questions Project Progress

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Revenue from land and housing transactions in Nepal increased by 15.2% in the first 10 months of the current fiscal year, reaching Rs 43.48 billion. Meanwhile, the Office of the Auditor General (OAG) has raised concerns over the slow progress of several government 'transformational projects' aimed at economic growth and development.

• The Department of Land Management and Archives reported that the highest monthly revenue collection in the current fiscal year occurred in Baishakh (mid-April to mid-May), totaling Rs 6.26 billion.
• The OAG report highlighted that projects like the Galchhi-Trishuli-Mailung and Shyafrubesi Road Project have only achieved 64% progress, facing delays due to local disputes, land use issues, and natural disasters.
• Other projects, including the Bheri Corridor and Tamor Corridor transmission lines, show significantly low physical progress at 12.3% and 27.7% respectively.
• The Forest for Prosperity Programme, initially slated for completion in fiscal year 2080/81, has seen repeated term extensions, prompting the OAG to question its sluggish pace.
• The Dillibazar Land Administration Office collected the highest revenue among all offices, amounting to Rs 599.12 million over the first 10 months of the fiscal year.