The budget for the fiscal year 2015-16 has adopted several policies prior to the loss of human settlements and lives due to the April 25 earthquake. The budgeting in the same year has mandatory regulations to implement land use policy for the development of residential colonies.
The government is affirmative on providing some provision for foreign nationals. Apartments could be easily available for non-natives with the reforms to be made in coming days. Strong promises have been made by the government, but will they be able to keep it? Only time will tell.
The 2015 earthquake, sure was tragic but it has drawn some attention from officials. Some amendments have already been put to practice and many are awaiting implementation. The government is hell-bent on building smart cities throughout the nation. For starters, Kathmandu valley, Nijgadh and Lumbini region might be some of them. Also, a budget has been allocated for infrastructural development of 10 modern cities along Mid-hill highway.
Budgeting for the FY 2015-16 aims to solve issues that previously existed in the country. Haphazard construction of real estate properties, unplanned urbanization which is widely seen around the nation will now slowly fade away as policy reforms integrate into practice. The government has plans to build safer cities with managed construction by implementing land use policy. Buildings should have to incorporate earthquake-resistant designs and follow building code. Also, land plotting must have prior mandatory approval.
There is a sigh of relief among real estate developers as the government has announced refinancing facility and interest subsidy for earthquake affected residential homes and businesses. Nepal Rastra Bank also announced loan rescheduling measures, cushioning the blow real estate had faced earlier.
Talks of reforms from officials are grandiose, which is worrisome for real estate developers. These sorts of aggrandizing self-portrayal have been prevalent among Nepalese government which is quite visible from past works. This is why developers want these directives finalised within the first quarter of the fiscal year.
However tough the past might have been, there is always a shimmer of hope. So is with real estate developers and all others engaged in this sector. Will the policies be confined to books and bills? Or will it be different this time? Real Estate developers are optimistic that they might finally see the change. While its an ordeal for the government to mend their shortcomings and keep up to their promises.
