KATHMANDU, Oct 15: The government in a bid to tighten noose against rampant property transaction, has made it mandatory to obtain permission for real estate transactions worth more than Rs 30 million through a company.
The Ministry of Land Management, Cooperatives and Poverty Alleviation through publishing in the Nepal Gazette for the purposes of Section 26 (a and b) of the Land Revenue Act 1976, on Monday, has come up with the new policy. As per the law, six metropolitan cities and 11 sub-metropolitan cities have been included under this provision for real estate transactions.
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The authority’s permission will now be required for real estate transactions within Kathmandu, Lalitpur, Biratnagar, Birgunj, Bharatpur and Pokhara Metropolitan Cities. Similarly, the real estate transactions to be conducted within Dharan, Itahari, Janakpurdham, Jitpursimara, Kalaiya, Hetauda, Butwal, Ghorahi, Tulsipur, Nepalgunj and Dhangadhi Sub-metropolitan Cities also fall under the new provision.
The government has decided to dismiss the Land Problem Resolution Commission Formation Order 2024 and abolish the Land Reform Commission and the committees formed in all districts.
