Kathmandu. The government has amended the Land Revenue Rules.

The Council of Ministers has amended the regulations on the proposal of the Ministry of Land Management, Cooperatives and Poverty Alleviation.

The government has now amended the regulations made in 2036 BS and made it mandatory to obtain a license while dealing in real estate. Chapter-6 (b) of the regulations provides for licensing of real estate transactions.

According to this provision, now the real estate business will have to apply for permission. Minister for Land Management Balram Adhikari said that although it has been mentioned in the government’s budget statement for the past few years that a license will be required for real estate transactions, it has been done keeping in mind the fact that there is no provision in this regulation.

He said that this arrangement would make real estate transactions unprofessional and dignified. Minister for Land Management Balram Adhikari said that he has worked very hard in the meantime to formulate the acts, rules and procedures to be made in the interest of the country and the people. According to the notification published in the Gazette, a person who wants to get a license to carry out real estate-related transactions between natural and legal persons or legal persons will have to pay Rs 500,000 in case of a person with a transaction of up to Rs 50 million at a time.

Similarly, rs 1 million has been fixed in case of a person who has a real estate transaction of less than Rs 50 million or more at a time.

Similarly, a fee has also been fixed for renewal of such license. The licensee will have to pay Rs 400,000 in case of a transaction referred to in clause A of Sub-rule 1 for renewal thirty-five days before the expiry of the license. A fee of Rs 800,000 has been fixed in case of transactions pursuant to Clause B.

False information, maps, prices or ownership details are prohibited while dealing in real estate. Such companies will have to keep the license clearly visible in the office or place of transaction, while keeping records related to real estate transactions and submit it to the department within three months from the date of the end of each financial year. Similarly, during the inspection or supervision, the licensing officer or his authorized person has to provide the details demanded.