As a step towards democracy, the Nepal government has decided to seize the king's land and distribute it to the landless.
Media reports quoting Minister for Land Reforms and Management Prabhu Narayan Chaudhari said that the king owns more than 80,000 Ropanis of land.
Earlier Ministry of land reform and management had said that it found the record of over 34,000 Ropanis of land owned by the king and his family members.
"Nobody is above law now. Be it king, landlord or anybody, the government can take action against anybody," The Himalayan Times quoted Chaudhari as saying.
According to the prevalent law, one can posses as much as 25 ropanis of land in the Kathmandu valley.
Chaudhari said a new regulation on limitation of land owning in the valley is being drafted.
Leader of the Nepali Congress Binaya Dhwaj Chanda said that the king should not be allowed to own property.
UML MP Prakash Jwala said that the King's property must be immediately nationalised.
King Gyanendra is said to be the richest man of the Himalayan nation.