Business suspended until licensed companies obtain permission to operate ground service centers
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The government has temporarily suspended the provision that only licensed companies in metropolitan and sub-metropolitan cities across the country will be allowed to conduct real estate transactions from February 25. The Department of Land Management and Records had issued a notice on February 11, making mandatory transactions only by companies from February 25.
The department issued a notice on Tuesday, stating that the suspension has been imposed until the licensed companies obtain permission to operate a land service center. There is a legal provision that real estate transactions must be conducted through the geo-information system by operating a land service center. The previous circular has been temporarily suspended until the licensed companies obtain permission to operate a land service center.
‘Since there is a legal provision that real estate transactions must be conducted through the geo-information system by operating a land service center, the provision of the previous circular has been suspended until further orders until the licensee obtains permission to operate a land service center, so it is requested to continue/have the work as before,’ the notice issued by the department states.
According to the department, 44 companies have so far obtained licenses. The department stated that out of 197 companies that applied for licenses, some have been blacklisted and some are still in the process. After the decision to grant a license is made, the firm or company must pay a fee of Rs. 500,000 for those who transact up to Rs. 50 million at a time and Rs. 1 million for those who transact any amount less than or more than Rs. 50 million at a time. Companies that have obtained 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 Asoj that companies transacting real estate worth more than Rs. 30 million at a time would have 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 the application within 30 days. Immediately, an additional 15 days were added on 13 Mangsir.
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 39
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 with the intention of conducting real estate transactions, a copy of the company’s article of association and a copy of the updated share register shall be submitted. The regulations provide that a copy of the permanent account number registration certificate, a copy of the company or firm’s tax payment certificate up to the last fiscal year, and a detailed business plan of the company or firm shall be submitted along with the application.
