Kathmandu. The government has made it mandatory to take permission for real estate transactions above Rs 3 crore through companies. The government has set limits for real estate transactions and the company registration and the area of the land can be considered.

The Ministry of Land Management, Cooperatives and Poverty Alleviation has published a notice in the Nepal Gazette for the purpose of Section 26 (a) and (b) of the Land Revenue Act, 2034 BS. Currently, six metropolitan cities and 11 sub-metropolitan cities have been designated as real estate trading areas.

Permission has now been taken to carry out real estate transactions in Kathmandu, Lalitpur, Biratnagar, Birgunj, Bharatpur and Pokhara metropolitan cities. Similarly, Dharan, Itahari, Janakpurdham, Jeetpursimara, Kalaiya, Hetauda, Butwal, Ghorahi, Tulsipur, Nepalgunj and Dhangadhi sub-metropolitan cities will also be able to sell real estate.

No matter what the area of real estate is to be transacted and a transaction of more than three crore rupees at a time will have to be permitted. For this, the Director General of the Department of Land Management and Records has been assigned the concerned authority.

Secretary at the Ministry of Land Management, Cooperatives and Poverty Alleviation, Kedar Nath Sharma, said that the notice was published in the Nepal Gazette on Monday. Likewise, the Ministry has decided to scrap the Land Problems Resolution Commission Formation Order 2081 BS and the Land Problems Resolution Commission and the committees formed in all the districts.