Kathmandu. The government has implemented new rules to make real estate transactions more systematic and transparent. Issuing a notice, the Department of Land Management and Archive has made the new provision mandatory for big transactions taking place within the metropolitan city and sub-metropolitan city.
According to the department, real estate transactions worth more than Rs 30 million between natural and legal persons within the metropolis and sub-metropolis area will have to be compulsorily done only through licensed companies or institutions.
This provision has been compulsorily implemented from Tuesday, April 22, 2083. This rule is currently applicable only within the metropolitan city and sub-metropolitan area.
The decision was taken as per the provisions of Section 26 (A) of the Land Revenue Act, 2034 BS and the notice published in the Nepal Gazette on October 11, 2002. According to the department, the details of the companies that have obtained the license for the transaction have been made available on the official website of the Department of Land Management and Archives.
The government has taken this step to discourage informal transactions in real estate transactions and to systematize revenue collection. It is understood that the government has brought the rule that transactions should be done only through institutional means after the tendency of fraud and hiding the real value in big transactions done by individuals has increased.
With this decision, the general public will now have to take the help of listed agencies while buying and selling big real estate. The department has also made it clear that the documents that do not follow the rules will not be approved by the Land Revenue Office.
