N-REO established to promote fair real estate business

Kathmandu, May 30

 Nepal Real Estate Organisation (N-REO) is formed with an aim of making the real estate business fair and managed.

President of the N-REO Naresh Singh said on Thursday that the organisation was established to discourage unhealthy competition in real estate transactions and find out actual price of the land and house.

"It is pretty difficulty for an individual to buy a small piece of land to build a house even in the small towns. Brokers are setting the price haphazardly and the buyers are suffering," he said.

He said that the N-REO will try to set the fair price of the land and provide it to the buyers at the reasonable price.

The newly established organisation has prepared Multi-Listing System to inform the actual price of the land to the sellers and buyers of land. The system allows the brokers to post the actual price of the land on its platform and the buyers can have access to that information. All the member brokers of the orgnisation can post the price.

Former secretary and chairman of Institute for Urban Research Studies Kishore Thapa said that the new organisation had the potential to bring about a great change in real estate business.

"Real estate business in the developed countries runs in the MLS which prevents the buyers from getting cheated," he said.

Senior Vice-President of Nepal Chamber of Commerce Rajendra Malla expressed hope that the institutional arrangement to make the business fair would help both the sellers and buyers in the real estate business.

Published in The Rising Nepal daily on 31 May 2019.