Only licensed companies in metropolitan and sub-metropolitan cities across the country will be allowed to conduct real estate transactions from February 15. The Department of Land Management and Records has made public the names of licensed companies and has asked the concerned Land Revenue and Land Reform Offices to mandatorily conduct transactions only through licensed companies/associations.

"It is requested that from 25 Falgun onwards, real estate transactions between natural and legal persons or legal entities with a value of more than 30 million rupees within the metropolitan and sub-metropolitan areas should be made mandatory through licensed companies/associations," the department said in a notice issued by the department. 

According to the department, 36 companies have so far obtained licenses. Although the department has so far decided to grant licenses to 135 companies, 99 companies have not been issued licenses as they have not paid the revenue, said Khimananda Acharya, director of the department's Land Revenue and Land Reforms Branch.

After the decision to grant licenses is made, the firm or company that transacts up to 50 million rupees at a time must pay a fee of 500,000 rupees and those that transact any amount less than or more than 50 million rupees at a time must pay a fee of 1 million rupees.

Acharya said that 36 companies have already been issued licenses and 2 companies are in the process of obtaining them. "The documents of 25 companies are under review, and out of the companies that have been reviewed so far, 30 are blacklisted, so they cannot be given licenses," he said.

The department is sending documents to the police to get information about the companies that have applied for permission, their shareholders, and whether they have been found guilty by the court. The department has stated that the documents of 25 out of a total of 197 applicants are in the process of being reviewed. The companies that have received licenses will be allowed to conduct business within 6 metropolitan cities and 11 sub-metropolitan cities.

The government had issued a notification in the gazette on 27 Ashoja, requiring companies dealing in real estate worth more than 30 million rupees at a time to obtain a license. Real estate companies had to apply for a license by 27 Mangsir. The Land Management Records Department had issued a notification on 13 Kartik asking them to submit applications within 30 days. Immediately, an additional 15 days were added on 13 Mangsir. Although it was said that 198 companies had applied during that period, it has now been stated that only 197 have been received.

The government has published a notice in the Gazette for the purposes of Section 26, Sections ‘A’ and ‘B’ of the Land Revenue Act. Section 26, Section 26, Section 26, Section 26, Section 26, Section 26, Section 27, Section 28, Section 29, Section 30, Section 31, Section 32, Section 33, Section 34, Section 35, Section 36, Section 37, Section 38, Section 3940,

In Sub-section 3 of the same section, if the application received is found to be reasonable, the concerned officer shall issue a license to the applicant to conduct real estate transactions, stating the conditions as prescribed. The term of the license shall be for five years, as mentioned in Sub-section 4 of Section 26, ‘B’.

In Sub-section ‘J’ of Section 23 of the Land Revenue Regulations, 2036, it is stated that a person who wishes to obtain a license to conduct real estate transactions between natural and legal persons or legal persons, as per Sub-section ‘A’ of Section 26 of the Land Revenue Act, shall apply to the specified officer.

While submitting the application, a copy of the company or firm registration certificate for the purpose of conducting real estate transactions, a copy of the company’s memorandum of association and a copy of the updated share register in the case of a company, shall be submitted. The regulations provide that a copy of the permanent account number registration certificate, a copy of the tax payment certificate of the company or firm up to the last fiscal year, and a detailed business plan of the company or firm shall be submitted along with the application.

The regulations state that a copy of the decision of the company or firm's board of directors and the company or firm's website, email and contact number must be submitted to obtain a license for real estate transactions. Real estate professionals have expressed dissatisfaction, saying that the government is trying to regulate only the transactions carried out through companies without doing anything to the people doing real estate transactions.

These companies received licenses 

1. Himalayan Realtors Pvt. Ltd.

2. Continental Real Estate Pvt. Ltd.

3. SK Home Real Estate Company Pvt. Ltd.

4. Ruby Crown Properties Pvt. Ltd.

5. Nandi Real Estate Pvt. Ltd.

6. E-Guraas Property Solutions Pvt. Ltd.

7. Zamindar Real Estate Pvt. Ltd.

8. Tilottama Builders Pvt. Ltd.

9. Real Estate Agency Pvt. Ltd.

10. Buspirap Real Estate Pvt. Ltd.

11. Ashok Ghar Sansar Nepal Pvt. Ltd.

12. Panas Biz Serv Pvt Ltd

13. Lumbini Real Estate and Multipurpose

14. Krishna Developers Pvt Ltd

15. Gyan Eco Innovation Investment Nepal

16. Bhumiraj Estates

17. Dale Bhai Real Estate Pvt Ltd

18. Sky World Real Estate Solution Pvt Ltd

19. Empire Real Estate Development Pvt Ltd

20. Nepal Land Broker

21. DN Group of Companies Pvt Ltd

22. Bhojpur Siddhakali Housing Pvt Ltd

23. Prudential Developers Pvt Ltd

24. Chartered Real Estate Pvt Ltd 

25. Gharjagga Sewa Pvt Ltd

26. Omoga Capital Advisors Pvt Ltd

27. Ritambhara Multipurpose Investment Pvt Ltd

28. Metro Link Properties Pvt Ltd

29. Virat Real Estate and Housing

30. Suppli Real Estate Pvt Ltd

31. Real Estate Sarathi

32. Prasidh Investment Company Pvt Ltd

33. Acres Nepal Estate Pvt Ltd

34. Marsyangdi Development and Research

35. Serene Estates Pvt Ltd

36. Gharbari Seva