10 lakhs fine for real estate business without license
Kathmandu: The government is going to amend the Property Act, 2034 BS to make it necessary to obtain a license for dealing in real estate. The Ministry of Law, Justice and Parliamentary Affairs is going to amend the Property Act, 2034 BS through a bill to amend some Nepal Acts submitted to the House of Representatives on Sunday.
In the amendment bill, if someone is found to be carrying out real estate transactions in the area specified in the notice without obtaining a license, he can be fined up to Rs 10 lakh.
However, if the license is obtained by submitting false information, if the conditions specified at the time of issuance of the license are violated, if the license is not renewed, the government can revoke the license at any time.
Dineshkhabar Desk