Kathmandu, October 31: The Department of Land Management and Archives has announced that it will issue operating licenses to companies involved in real estate business.

In a public notice, the department stated that companies dealing in property transactions worth more than Rs. 30 million will be eligible to apply for the license and has invited applications accordingly. Interested companies can apply within one month.

According to the notice, companies handling transactions up to Rs. 50 million at a time will have to pay a fee of Rs. 500,000, while those conducting transactions exceeding that amount will be required to pay Rs. 1 million as a licensing fee.

Earlier, on October 13 (Ashoj 27), the government had published a notice in the Nepal Gazette allowing companies engaged in land and housing transactions to obtain operating licenses. The Gazette notice also mentioned that six metropolitan cities and eleven sub-metropolitan cities have been designated as the operational areas for such companies.

People’s News Monitoring Service.