KATHMANDU: The Department of Land Management and Archives has announced that it will begin issuing operating licenses to companies involved in the buying and selling of land and houses.

In a public notice, the department stated that companies conducting transactions worth more than Rs 30 million will now be required to obtain a license, and invited interested firms to apply within one month.

According to the notice, companies handling transactions up to Rs 50 million at a time will need to pay a licensing fee of Rs 500,000, while those dealing in larger amounts will have to pay Rs 1 million.

Earlier, on October 13, the government had published a notice in the Nepal Gazette introducing the provision for real estate companies to obtain licenses.

The Gazette notice also designated six metropolitan cities and eleven sub-metropolitan cities as the operational areas for such companies.