GMC core group to review land and property transactions

Lhakpa Quendren

The Gelephu core working group will review land and property transactions within Gelephu Mindfulness City (GMC) before obtaining approval from the National Land Commission (NLC).

This is intended to streamline transactions within the GMC and ensure that both sellers and buyers acknowledge and comply with all terms set out in the standard undertaking form developed by the GMC core working group.

Former Prime Minister Dasho Dr. GMC core working group member Lotay Tshering, based in Gelephu, said the procedure involves cross-checking whether the land falls within the master plan of the planned GMC.

“We will not ban people from buying or selling land. The main advantage is that you can check with planners whether any important activities are planned on the land for sale. If a major activity is planned, it is important to inform both sellers and buyers,” he said.

After becoming aware of the land, he says, the seller may choose not to sell in the expectation that its value will increase, or the buyer may choose not to buy because the intended plans cannot be realized .

Under the new condition, the seller must agree that he will not benefit from a possible future increase in the value of the land. The buyer must acknowledge and accept all risks associated with the purchase of the land, including expropriation by the GMC or similar authority, and any other forms of devaluation.

The parties, both transferor and transferee, involved in the sale and purchase transaction must submit the relevant documents to the dzongkhag or thromde land record sector.

They will verify the transaction documents to ensure that they comply with applicable standards and complete all required formalities. After verification, the documents, together with the signed commitment form, are submitted to the GMC core working group.

GMC’s core working group will review the transaction documents and reject or formally recommend their approval to the dzongkhag or thromde land sector. The transaction details are then forwarded to the NLC for approval through the e-Sakor system.

Landowners, after approval from NLC, have the option to obtain their land ownership (lagthram) from the dzongkhag, the land sector or from the NLCS headquarters, depending on their convenience.

However, real estate agents and residents say the rejection would cause problems between the sellers and buyers as half of the payment is made at the time of signing the deed.

“It is a lengthy process and by the time they complete the assessment, the money from the sale of land may have already been used,” said a land trader, adding that many problems would arise, including loan processing, which related to such circumstances. .

Although the NLC issued a notice on June 10 to start accepting land transactions within GMC, the online system is still blocked, preventing buyers and sellers from processing transactions.

The GMC region includes Sarpang Dzongkhag, Lhamoizingkha, Karmaling and Nichula gewogs in Dagana, as well as Sonamthang, Panbang and Tungkudemba in Zhemgang.