Kathmandu. The Land Reform and Land Revenue Office, Dilli Bazaar, has issued new rules for real estate transactions worth more than Rs 30 million in the metropolitan city and sub-metropolitan city.
As per the directive issued by the Department of Land Management and Archives, from April 21, the purchase and sale of land with a purse figure of more than Rs 30 million will have to be done only through a licensed agency or company. This provision aims to bring big businesses under government surveillance and legal purview.
This new provision is under Section 26A of the Land Revenue Act, 2034. It was implemented on the basis of the notice published in the Gazette by the Government of Nepal on October 11, 2002. The government has taken this step to maintain transparency in high-value transactions between natural or legal persons within the metropolis and sub-metropolis.
Large-scale transactions that were previously done privately will no longer be approved by the Land Revenue Office without the prescribed legal process and the involvement of licensed organizations.
According to the government notice, the list of authorized companies that have obtained the license is available on the website of the department. The office has notified the stakeholders to follow this rule from April 8 and to proceed with the written process only through the listed companies. It is expected that compliance with this rule will help in controlling the fraud in real estate transactions and make the revenue system more systematic.
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