The Department of Land Management and Archive has announced that firms and companies must get a license to do real estate transactions worth more than Rs. 3 crore in metropolitan and sub-metropolitan areas.
The Department of Land Management and Archive has issued a public notice asking firms, companies, and institutions wanting to do big real estate transactions in metropolitan and sub-metropolitan areas to apply online within 21 days.
According to the notice published in the Nepal Gazette, any firm, company, or organization wanting to buy or sell real estate worth more than Rs. 3 crore at a single time in these specified areas must compulsorily get a license. The interested companies can submit their application through the department online system.
Details on License Fees
The department has also set different license fees depending on transaction size. For companies transacting up to Rs. 5 crore at one time, the fee is Rs. 5 lakh. For transactions above Rs. 5 crore, the license fee is Rs. 10 lakh.
Rules for Previous Applicants and Documents Needed
The department cleared that firms and companies who applied online before but did not get the license by end of Ashad 2083 must apply again online according to this new notice.
Applicants need to print one copy of the submitted online documents and hand them to the department. Also, after registering, the board members of the company must submit a document from the Nepal Police’s Central Crime Information Bureau showing they are not involved in any criminal activities.
For further information regarding the license, the department has requested to contact them directly.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
