According to recent reports from Sarpang, land sales and purchases within Gelephu Thromde have significantly declined in recent weeks. Meanwhile, land transactions have increased in areas on the outskirts of the thromde. A private survey and land transaction service provider in the thromde said that, due to rising land prices within the throm area, people are opting to buy land outside the thromde considering the Gelephu Mindfulness City.
The private survey and land transaction service provider in Gelephu says his office, which typically receives more clients from the thromde area, is now seeing an increase in clients from rural areas seeking land transaction services.
“To date, only four clients from the thromde area have visited our firm for land transaction services. Of these four, one was for transferring ownership from a deceased person to their children, another was for family inheritance, and only two involved transfers of ownership from sellers to buyers. The rest are from rural areas,” said Yadu Prasad Katel, survey and land transaction service, Gelephu.
He added that people have started purchasing land in the nearby gewogs of Gelephu Thromde, where land prices are comparatively cheaper.
“The cost of land in the town area is very high. The amount they spend on buying a plot of land in the thromde can purchase them multiple plots in rural areas. That is why I believe people prefer buying land outside the thromde. The money they spend on a 10-decimal plot in the thromde can get them more than an acre of land outside the thromde area.”
Some local brokers, who declined on-camera interviews, said that the commercial land value in Gelephu Thromde has dropped due to a lack of buyers.
They added that the value of land in the core town of Gelephu Thromde has decreased to approximately two and a half million ngultrum a decimal, down from the previous rate of Nu 3 M a decimal.
In another Local Area Plan within the thromde, land prices have similarly declined, from about Nu 700,000 to around Nu 500,000 per decimal.
On the other hand, brokers noted that land prices in the gewogs near Gelephu Thromde have surged, reaching up to Nu 250,000 per decimal, a significant increase from the previous range of Nu 40,000 to 50,000 per decimal.
Between June and August, following the lifting of the moratorium on land transactions in Gelephu, the thromde’s land record office initiated 28 land transactions.
On average, the thromde office processes 10 commercial land transactions every month.
The Property Assessment and Valuation Agency (PAVA) rate for the Gelephu Thromde ranges from about Nu 600,000 a decimal in the core town to about 50,000 ngultrum a decimal in the E-1 zone.
Karma Wangdi, Gelephu
Edited by Sherub Dorji
