Land Transaction Firms in Metropolitan Areas Must Obtain Licenses

Kathmandu. The Department of Land Management and Records has issued a public notice for firms, companies, or organizations doing business in real estate in metropolitan and sub-metropolitan city areas to obtain a license. The department has issued this notice in accordance with the provision that natural or legal persons must obtain a license to conduct real estate transactions, as per the provisions of Sections 26 (A) and 26 (B) of the Land Act, 2034. According to the notice published in the Nepal Gazette on 2082/06/27, firms or companies interested in conducting transactions exceeding 30 million rupees at a time in metropolitan and sub-metropolitan city areas must obtain a license. Applications have been requested online through the department within 21 days of the notice's publication. The department has stated that to obtain a license, 500,000 rupees must be submitted for transactions up to 50 million rupees, and 1,000,000 rupees for transactions exceeding 50 million rupees. Applicants must scan and upload documents as per Schedule-8 of the Land Regulations, 2036, online. After submitting the online application, a printout of each copy must also be submitted to the department. Similarly, the department has stated that the directors and members of the company or organization must also submit a self-declaration letter stating that they are not involved in any criminal activities (based on the records of the Central Bureau of Investigation, Nepal Police).