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Rapa Quindlen
Gelephu – The sale and purchase of land and properties within the planned Gelephu Mindfulness City (GMC) will be accepted only after thorough scrutiny and approval of the transaction.
According to a notification from the National Land Commission (NLC), the ban on sale and purchase that has been in place since July 14 last year will remain in force, but transaction applications will be accepted and examined on a case-by-case basis.
This means that sales and purchase transaction applications will be considered individually and assessed based on specific factors or considerations rather than being subject to a one-size-fits-all policy.
The seller’s additional undertaking states that any potential future increase in the value of the land after the transaction is completed will not benefit the seller in any way.
And the buyer must acknowledge and accept the risks associated with purchasing the land, including the risk of expropriation by the GMC or any similar body, and any other form of depreciation.
Banks and financial institutions are allowed to use properties in GMC areas as collateral for loans. However, the valuation of these properties is based on their value before the moratorium was implemented.
Despite the moratorium, foreclosure or auction transactions that have been duly approved by the relevant authorities may continue.
The public notification issued by the National Library on June 10 was widely circulated by residents on social media platforms, causing confusion among people about the addendum.
While the director of the Land and Administration Department of the Indian Land Commission could not be reached, the acting director and head of the Rural Land and Administration Section, Karma Tshomo, refused to provide clarification.
Former Prime Minister Dasho Dr Lotay Tshering, who is based in Gelephu, will meet with financial institutions and local leaders at Gelephu Square today and is expected to provide more details on the deal issues.
The GMC area includes Sarpang Dzongkhag, Lhamoizingkha, Karmaling and Nichula gewog in Dagana Dzongkhag, and Sonamthang, Panbang and Tungkudemba in Zhenang Dzongkhag.
Impact of the moratorium
The suspension of land and property sales has inconvenienced lenders as many of them have to rely on selling land to repay loans, a common practice.
Left with no other options, Sonam Lhamo, a resident of Gelepu, chose to sell her four acres of land in Jigme Choling or a property with a house in Selchung to repay the loan of Nu 1.3 million. “I cannot sell it because potential buyers mentioned challenges associated with the transaction,” she said.
With loan moratoriums coming to an end, frustrated lenders in Gelephu and Sarpang are appealing to banks. The Bhutan Development Bank (BDBL), which provides loans to rural farmers, announced on May 27 that a total of 43 plots of land in Sarpang were available for auction, of which 22 would be put up for auction.
According to sources, the GMC committee held about three rounds of meetings with the central bank (RMA) and its financial institutions on the matter.
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