Now real estate transactions have to be done only with a license. Earlier, in the budget statement, the government had repeatedly said that the real estate business would be done only with a license. But due to lack of provisions in the law and regulations, it could not be implemented. But now it is going to the implementation phase.

For real estate transactions, the eighth amendment of the property regulations has been made on Thursday i.e. August 12. It has also been published in the gazette. A year and a half after the amendment of the Act, along with the amendment of the regulations, it has become mandatory to obtain a license for real estate transactions.

This is purely for commercial purposes . Damodar Wagle, Assistant Spokesperson of the Ministry of Land Management, Cooperatives and Poverty Alleviation, said that regulations have been introduced to implement the provisions introduced in the Act. "Now the related agencies will prepare other documents to implement the said arrangement," he said. According to him, the person or organization dealing in real estate business can now do business only with a license. He said that it is not necessary to get a license to sell ancestral property.

The government has amended the regulations made in the year 2036 for the eighth time, and it has been arranged that the person or organization dealing in commercial real estate should obtain a license. In paragraph-6 (b) of the regulation, provision is made regarding the license of real estate business . According to that provision, an application must be made for a license to deal with real estate between natural and legal persons or legal persons.

It is mentioned in b of 23 t (1) of the regulation that a person doing business up to five crore rupees at a time has to pay five lakh rupees when taking a license. A fee of Rs 10 lakh will be levied in the case of a person who transacts any amount less than or more than five crore rupees at a time . Subsection 4 of the Property Act 2034, 26 B states that the term of the license is 5 years. There is a provision in the regulation that the license must be renewed 35 days before the expiry of the period.

According to the regulation, a person who deals in real estate up to five crore rupees at a time should pay a fee of 4 lakh rupees and a person who deals with any amount less than or more than five crore rupees at a time should pay a fee of 8 lakh rupees. It is mentioned in the regulations that during the renewal, the details of the company or firm's business, the audit report of the last financial year and a copy of the tax payment certificate must be submitted. In the case of those who cannot renew the license within the specified time, they can renew it within 90 days by paying an additional 50,000 rupees.

By the Act, 2080 to amend some laws related to the prevention of money laundering and promotion of business environment, "Provisions related to real estate transactions" have been added. Punishment has been provided in the Property Act 26 E . If the real estate business is carried out without obtaining a license, it is possible to be punished with a fine of up to 25 lakh rupees or imprisonment for up to 6 months or both if the transaction is not disclosed and if the transaction is not disclosed. It is mentioned in the law that if a person transacts a real estate transaction contrary to the conditions of the law, rule or permission, if the transaction is disclosed, the person will be fined 10 lakh rupees if the transaction is not disclosed.

It has been made mandatory to obtain a license when dealing with real estate in excess of the area, area or amount limit set by the government . Section 26 of the Property Act 2034 states that, "The government has published a notice in the Nepal Gazette in the area specified in the area or the amount specified in the notice, and when dealing with real estate in excess of the area or amount mentioned in the notice, a license must be obtained in accordance with this Act." In paragraph 6 of paragraph 23 of the

regulation, a licensee who wants to conduct a real estate transaction shall operate a land service center in accordance with Rule 23 A through the land information system. Real estate transactions will have to be done. But if the person himself wants to do business without operating a land service center, it is said that he should do business through the land information system from the land service center operated by other licensed persons. It will cost 50,000 rupees for an individual and 2 lakh rupees for an organization or a licensed person to obtain permission to operate a land service center.