Sherlock et al.,
I am certainly not planning to be pretentious. LOL. Thanks all for the reply anyway.
I am trying to understand if the rule is fully established, and if any additional tax is charged.

With that said, I am not going to use my Nepali citizenship. It's not because I don't get to impress other people, rather because everyone has some hater(s).

I share this so others can see what could happen.
I know of a guy who lives in Australia. He bought a couple crores worth of property. I guess he didn't have this NRN provision at that time. But instead of giving the title to some family members, he registered the property under his name. Something happened. Someone reported. He has been coming to Nepal for the last three years almost every other month to go through the convoluted legal process in an effort to save his investment. Now I hear that he is ready to give up since his frequent trips (fare and lost time) are costing him more. Think about the agony he has been going through.

So of course it's up to you and your circumstances. But I recommend not taking this risk. Be it in a family member's name, but it's not worth it under your own. All you need is one jack---.