DoLMA extends deadline for firms seeking real estate licence to Dec 13

KATHMANDU: The Department of Land Management and Archive (DoLMA) has extended the deadline for firms, companies or institutions seeking a licence to conduct real estate transactions, allowing applications to be submitted until December 13.

DoLMA issued a public call for applications on September 29 after the government published a notice in the gazette under the Land Revenue Act, 2034 (1978), which requires a licence to conduct real estate transactions. The department defined metropolises and sub‑metropolises as the jurisdiction in the first phase.

Arrangements were made for interested firms, companies or institutions conducting transactions exceeding Rs 30 million at a time to apply. The process of company registration has been advanced with the objective of regulating real estate transactions in six metropolises and 11 sub‑metropolises in the first phase.

The department said the application deadline has been extended with effect from last Friday because a low number of applications were received in response to the previously published notice. It has been stated that the move to regulate transactions aims to make the real estate business transparent, dignified and scientific.

According to DoLMA, revenue amounting to Rs 2,745,172,199 was collected from real estate transactions in October–November. Of this, Rs 213,447,413 was collected as service tax, Rs 1,506,296,014 as registration fees and Rs 997,844,392 as capital gains tax.

(With inputs from RSS)