Kathmandu. The government has put off the latest decision of making real estate transactions worth more than Rs 30 million mandatory only through licensed companies in metropolitan cities and sub-metropolitan cities for the time being.
The Department of Land Management and Archives has issued a new notice to the land revenue offices on Wednesday (March 2).
The circular issued by the Department on February 21 for the implementation of the new provision has been put on hold for now. According to the department, the main reason for the postponement of the decision is the lack of technical preparation.
According to Rule 23 (l) of the Land Revenue Rules, 2036 BS, such licensed persons or organizations must operate land service centers and carry out transactions through the Land Information System. However, 36 companies licensed by the government have not yet received permission to operate the land service center and the technical work is yet to be done.
In order to make real estate transactions more systematic and transparent, the Department had granted license to 36 companies as per Section 26 (A) of the Land Revenue Act, 2034.
As per the new provision, the government has been implementing the new rule from March 8 in all 11 sub-metropolitan cities including Kathmandu, Lalitpur, Bharatpur, Birgunj and Biratnagar.
With this latest step of the department, the general public will not have to mandatorily look for a licensed company while buying and selling land worth more than Rs 3 crore.
The service recipients will be able to approve and transfer their real estate deeds through the same regular process as before. According to the Department, this new system will come into effect only after the licensed companies complete the technical preparations and get permission to operate the land service center.
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