Land Transaction Firms in Metropolitan Areas Must Obtain Licenses
Summary
Firms and organizations conducting real estate transactions in metropolitan and sub-metropolitan cities must obtain a licence under the Land Act. Applications must be submitted online within 21 days, with fees of Rs. 500,000 for transactions up to Rs. 50 million and Rs. 1 million for larger deals.
Key Points
- The Department of Land Management and Records has ordered real estate firms in metropolitan and sub-metropolitan city areas to obtain licences.
- The rule applies to transactions above Rs. 30 million at a time under Sections 26(A) and 26(B) of the Land Act, 2034.
- Applicants must apply online within 21 days and upload documents specified in Schedule-8 of the Land Regulations, 2036.
- Directors and members of applicant companies or organizations must also submit self-declarations confirming no involvement in criminal activities.
